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STRANE DIREKTNE
INVESTICIJE KAO
OBLIK FINANSIRANJA
GLOBALNE
EKONOMIJE
Rezime
Strane direktne investicije predstavljaju veoma znaajan oblik fnansiranja
globalne ekonomije. U poreenju sa drugim oblicima meunarodnog
kretanja kapitala, strane direktne investicije su najzastupljenije u fnansiranju
nacionalnih privreda zemalja u razvoju i zemalja u tranziciji. Analiza u radu, na
nivou globalne svetske privrede, pokazuje da su ovim investicijama fnansirana
sva tri sektora svetske privrede, ali da je najzastupljeniji sektor usluga u okviru
koga su, naroito, fnansijske usluge znaajno fnansirane prilivima ovog
kapitala. Sprovedena analiza za Srbiju, takoe, pokazuje da je fnansijski sektor,
pogotovo bankarstvo fnansirano u velikoj meri direktnim investicijama iz
inostranstva koje su rezultirale u znaajnom porastu broja banaka u stranom
vlasnitvu na bankarskom tritu Srbije i dominantnoj ulozi stranih banka u
bankarskom sektoru Srbije.
Kljune rei: strane direktne investicije, globalna ekonomija, Srbija, fnansiranje,
bankarstvo
JEL: F21, F36, F43
UDK 339.727.22 ; 339.92 ; 336.71(497.11)
originalni
nauni
rad
Rad primljen: 07.11.2012.
Odobren za tampu: 12.12.2012.
dr Sandra Stojadinovi
Jovanovi
Ekonomski fakultet Beograd
sandra@ekof.bg.ac.rs
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FOREIGN DIRECT
INVESTMENTS AS A
FORM OF FINANCING
GLOBAL ECONOMY
Summary
Foreign direct investments are a very signifcant form of fnancing global
economy. In comparison with other forms of the global capital movement,
foreign direct investments are the most broadly present sources of fnancing
of the national economies of developing countries and countries in transition.
The analysis presented in this work, made at the level of the global world
economy, shows that these investments are the ones that have fnanced all of
the three sectors of the world economy, but their highest presence is to be found
in the sector of services where the fnancial services have been especially and
signifcantly fnanced from this source of capital infow. The analysis was also
conducted for Serbia showing that the fnancial sector, especially banking, was
fnanced to a high extent by foreign direct investments, which have resulted
in a substantial growth of the number of banks in foreign ownership on the
banking market of Serbia and a predominant role of the foreign banks in the
banking sector of Serbia.
Key words: foreign direct investments, global economy, Serbia, fnancing,
banking
JEL: F21, F36, F43
UDC 339.727.22 ; 339.92 ; 336.71(497.11)
original
scientifc
paper
Paper received: 07.11.2012
Approved for publishing: 12.12.2012
Sandra Stojadinovi
Jovanovi, PhD
Faculty of Economics Belgrade
sandra@ekof.bg.ac.rs
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Uvod
Strane direktne investicije predstavljaju
veoma znaajan oblik fnansiranja globalne
ekonomije. U poreenju sa druga dva oblika
meunarodnog kretanja kapitala, zajmovnog
kapitala i portfolio investicija, strane direktne
investicije su veoma zastupljene u fnansiranju
globalne svetske privrede i nacionalnih
privreda individualnih zemalja, a pogotovo
u fnansiranju zemalja u razvoju i zemalja u
tranziciji za koje predstavljaju primarni oblik
fnansiranja.
Znaaj pojedinih oblika meunarodnog
kretanja kapitala se vremenom menjao. U
periodu nakon Drugog svetskog rata, preteni
udeo u ukupnim meunarodnim kretanjima
kapitala i fnansiranju svetske privrede,
posebno zemalja u razvoju, imao je zajmovni
kapital. Primarna uloga zajmova u globalnim
razmerama se zadrala do osamdesetih
godina dvadesetog veka. Promene nastaju u
drugoj polovini osamdesetih godina kada,
nakon dunike krize, dolazi do stagnacije
kretanja zajmovnog kapitala. Posle kulminacije
dunike krize, privatni kapital je prestao da
odlazi u zemlje u razvoju u obliku zajmova,
jer se privatni sektor uzdrao od svakog
novog kreditiranja zemalja u razvoju, izuzev u
obliku direktnih investicija.
1
Upravo period od
osamdesetih, pogotovo od devedesetih godina,
dvadesetog veka je period ekspanzije stranih
direktnih investicija.
U ovom radu se ukazuje na tendencije i
strukturne aspekte meunarodnih tokova
kapitala, zatim se obrauje uloga i znaaj
stranih direktnih investicija (SDI) u svetskoj
privredi i privredi Srbije. U radu e, u prvom
delu, biti razmotrena uloga i znaaj stranih
direktnih investicija kao oblika fnansiranja
globalne svetske privrede, a potom i njihova
uloga i znaaj u fnansiranju privrede Srbije,
usmerenost tokova stranih direktnih investicija
i zastupljenost pojedinih sektora u fnansiranju
koje se ostvaruje putem ovih investicija.
Trendovi na meunarodnom tritu
kapitala
Tokom prethodne dve decenije, jedna
od najznaajnijih karakteristika globalne
ekonomije jeste smena porasta i padova
ukupnih meunarodnih tokova kapitala u
svetu (zajedno posmatranih stranih direktnih
investicija, portfolio investicija i meunarodnog
zajmovnog kapitala). U periodu od 1994. do
2007. godine, meunarodni tokovi kapitala
su rasli u proseku za 24% godinje. Meutim,
sa svetskom fnansijskom krizom, dolazi do
kolapsa meunarodnih tokova kapitala u 2008.
godini, jer su investitori postali oprezniji a banke
nevoljne da meunarodno pozajmljuju. Ukupni
meunarodni tokovi kapitala u svetu su opali
sa 10,9 triliona USD u 2007. godini na samo 1,9
triliona USD u 2008. godini, to je predstavljalo
pad od ak 83% u samo jednoj godini. Dalji pad
globalnih tokova kapitala je nastavljen i u 2009.
godini, na vrednost od 1,6 triliona USD.
2
Tek
u 2010. godini dolazi do oporavka ukupnih
tokova kapitala na 4,4 triliona USD, mada je to
inilo samo 40% od rekordnog nivoa iz 2007.
godine (Slika 1). Pad ukupnih meunarodnih
tokova kapitala, od rekordne vrednosti u 2007.
godini do 2010. godine, je iznosio 6,5 triliona
USD. Najvei deo ovog pada se desio usled
kolapsa trita meunarodnog zajmovnog
kapitala. Tokovi meunarodnog zajmovnog
kapitala su, u 2008. i 2009. godini, bili negativni
jer su banke povlaile kapital nazad, u svoje
zemlje. Oporavak koji se desio u 2010. godini
je odraz oporavka zajmovnog kapitala, mada su
ukupni tokovi zajmovnog kapitala i dalje niski,
na nivou od samo 25% od rekordne vrednosti
u 2007. godini.
1 Kova, Oskar. Platni bilans i meunarodne fnansije. Beograd: CES MECON, str. 275-276.
2 Roxburgh, Charles, Lund, Susan and John Piotrowski. Mapping Global Capital Markets 2011. McKinsey Global Institute,
August 2011, p. 27.
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Introduction
Foreign direct investments are a very
signifcant form of fnancing for the global
economy. In comparison with the other two
forms of the global capital movement, loan
capital and portfolio investments, the foreign
direct investments are very much present in
fnancing global world economy and national
economies of individual countries, especially
in fnancing developing countries and those in
transitions where they are a primary form of
fnancing.
The importance of certain forms of global
capital movement was changing in times. In
the period following the Second World War,
the prevailing share in the total global capital
movement and fnancing of the world economy,
especially in the developing countries, was
the loan capital. The primary role of loans on
a global scale was to prevail until the 1980s.
Changes were to start in the second half of the
1980s, when after the debtor crisis, stagnation
occurred in the movement of the loan capital.
After the culmination was reached by the
debt crisis, private capital ceased to fow into
the developing countries in the form of loans,
as the private sector refrained from any new
crediting of the developing countries, except
in the form of direct investments.
1
Actually, it
was the period from the 1980s, and especially
from the 1990s that turned out to be a period
of expansion of the foreign direct investments.
This paper presents tendencies and
structural aspects of the global capital fows,
examining the role and signifcance of foreign
direct investments (FDIs) in the world economy
and the economy of Serbia. In part one of the
paper the role and importance of foreign direct
investments will be explored as the form of
fnancing of the global world economy, and
then their role and importance in fnancing
the economy of Serbia, channelling of the
foreign direct investment fows and the share
of particular sectors in fnancing from these
forms of investments.
Trends on the Global Capital Market
During the previous two decades, one of the
most outstanding characteristics of the global
economy was swings between growth and
fall of total global capital fows in the world
(an aggregate assessment of foreign direct
investments, portfolio investments, and the
global loan capital). In the period from 1994 to
2007, global capital fows were growing in an
average of 24% annually. With the eruption of
the world fnancial crisis, however, there was
a collapse of the global capital fows in 2008,
as investors became more prudent and banks
reluctant to engage in global lending. The total
global capital fows in the world fell from 10.9
trillion USD in 2007 to only 1.9 trillion USD in
2008, which was the fall as high as 83% in one
year alone. Further fall in global capital fows
continued in 2009, to a value of 1.6 trillion USD.
2

It was only in 2010 that a recovery would be felt
in the total capital fows, reaching 4.4 trillion
USD, although it was only 30% of the record
high level reached in 2007 (Figure 1). The fall
of total global capital fows, from the record
value in 2007 to 2010 amounted to 6.5 trillion
USD. The major part of this fall was the result of
global loan capital market collapse. Global loan
capital fows were negative in 2008 and 2009,
as the banks were withdrawing their capital
back to their home countries. The recovery in
2010 is the refection of recovery in the loan
capital, although the total loan capital fow still
remained low, at the level of only 25% of the
record value recorded in 2007.
1 Kovac, Oskar. Platni bilans i medjunarodne fnancije (Balance of payment and international fnances), Belgrade: CES MECON, p.
275-276.
2 Roxburgh, Charles, Lund, Susan and John Piotrowski, Mapping Global Capital Markets 2011. McKinsey Global Institute,
August 2011, p. 27.
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Struktura ukupnih meunarodnih tokova
kapitala se razlikuje izmeu razvijenih zemalja
i zemalja u razvoju, a time i njihov znaaj u
fnansiranju privreda ovih zemalja. U periodu
2000-2010. godine, za razvijene zemlje primarni
oblici kretanja kapitala i izvori fnansiranja
njihovih privreda bili su meunarodni zajmovni
kapital i portfolio investicije. Meutim, za zemlje
u razvoju i zemlje u tranziciji najznaajniji izvor
fnansiranja njihovih privreda bile su strane
direktne investicije, na koje je otpadalo 53%
ukupnih tokova kapitala u ove zemlje (Slika 2).
Otuda se moe rei da su strane direktne investicije
znaajan izvor fnansiranja globalne ekonomije,
a sa aspekta zemalja kojima su ova sredstva
najpotrebnija, tj. zemalja sa defcitom fnansijskih
sredstava, najznaajniji izvor fnansiranja.
Strane direktne investicije kao
oblik fnansiranja globalne
svetske privrede
Pod stranom direktnom investicijom
moemo podrazumevati svaki oblik
ulaganja u odreenu kompaniju,
odnosno svaki oblik fnansiranja neke
kompanije, kojim investitor (fnansijer)
stie vlasniku kontrolu nad njom.
Kako, kod ovih investicija, investitor
ostvaruje vlasnitvo, upravljanje i
kontrolu nad kompanijom koju je
fnansirao svojom investicijom, to on
snosi sav rizik vezan za poslovanje
i rezultate poslovanja te kompanije.
Iz tih razloga, direktna investicija u
inostranstvu, za razliku od drugih
oblika meunarodnog fnansiranja
putem privatnog kapitala, za investitora nosi
najvei rizik. Ali, kako sa ovim rizikom ide i
mogunost ostvarenja veeg profta u odnosu na
druge oblike meunarodnog kretanja kapitala,
to je i najvei deo meunarodnog kretanja
kapitala bio podstaknut ovim motivima i
ukljuivao fnansiranje putem stranih direktnih
investicija. Iz ovih razloga je fnansiranje
putem stranih direktnih investicija postalo
dominantan oblik meunarodnog kretanja
kapitala i fnansiranja globalne ekonomije
odnosno njenih nacionalnih privreda.
Finansiranje putem stranih direktnih
investicija moe se realizovati na razliite naine,
kroz grinfld ili braunfld investicije, zajednika
ulaganja i meunarodne merdere i akvizicije.
Dok fnansiranje putem grinfld investicija znai
da se direktnom investicijom fnansira
izgradnja potpuno novih objekata
u inostranstvu, braunfld investicija
znai investiranje kojim se fnansira
revitalizacija i osavremenjivanje ve
postojeih objekata u inostranstvu.
Zajednika ulaganja sa partnerom iz
inostranstva predstavljaju specifnu
vrstu stranih direktnih investicija,
kod kojih investitor ne odluuje
samostalno ve zajedno sa domaim
partnerom. Meunarodni merderi i
akvizicije podrazumevaju kupovinu,
spajanja odnosno pripajanja dve
frme iz razliitih zemalja, s tim to
Slika 1. Meunarodni tokovi kapitala u svetu, 2007-
2010
(trilioni USD)
Izvor: Roxburgh, Charles, Lund, Susan and John Piotrowski, 2011,
Mapping Global Capital Markets 2011, McKinsey Global Institute, August
2011, p. 28.
Slika 2. Struktura ukupnih meunarodnih tokova
kapitala, po grupama zemalja, 2000-2010
(%)
Napomena: kategorija zemlje u razvoju ukljuuje i zemlje u tranziciji.
Izvor: Roxburgh, Charles, Lund, Susan and John Piotrowski, 2011, Mapping Global
Capital Markets 2011, McKinsey Global Institute, August 2011, p. 29.
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The structure of total global capital fows
diverges between developed and the developing
countries, and hence their signifcance in
fnancing economies of these countries. In
the period 2000-2010, the primary forms of
capital movement and fnancing sources for
their economies were the global loan capital
and portfolio investments. The developing
countries, however, and the countries in
transition found the most important source of
fnance for their respective economies in foreign
direct investments, covering 53% of total capital
infows into these countries (Figure 2). Hence it
may be said that the foreign direct investments
are an important source of fnancing of the
global economy, and from the aspect of the
countries in highest need of these funds, i.e.
countries with a defcit of fnancial
resources, the most important source
of fnancing.
Foreign direct investments as a
form of fnancing global world
economy
Foreign direct investment implies
all forms of investment into a given
company, i.e. all forms of fnancing of
a given company where the investor
(fnancier) acquires ownership control
over the company. Since the investor
in these forms of investment acquires
ownership, management and control of
the company that he has fnanced with
his investment, he bears all the risks
involved in business and results of that
company. For this reason, direct investment
abroad, opposite of other forms of global
fnancing through private capital, bears the
highest risk for the investor. Nevertheless, since
this risk involves also the option of making
higher proft in respect to the other forms of
global capital movement, so has the major part
of the global capital movement been boosted by
this incentive, involving also fnancing through
foreign direct investments. For this reason
fnancing through foreign direct investments
became a predominant form of global capital
movement and fnancing of global economy, i.e.
its national economies.
Financing through foreign direct
investments may be realised in diferent ways:
through greenfeld or brownfeld investments,
joint ventures, and the cross-border
mergers and acquisitions. While
fnancing through the greenfeld
investments implies direct investment
into fnancing construction of a brand
new structure abroad, the brownfeld
investment designates investment
into fnancing revitalisation and
upgrading of the already existing
property abroad. Joint ventures with
a foreign partner are a specifc form
of foreign direct investment where
the investor can not independently
decide, but must share decision making
process with his domestic partner.
Figure 1 Global Capital Flows, 2007-2010
(Trillion USD)
Source: Roxburgh, Charles, Lund, Susan and John Piotrowski, Mapping
Global Capital Market 2001, McKinsey Global Institute, August 2011, p. 28
FDIs
Equity
Debt securities
Loan capital
Figure 2 Structure of Total Global Capital Flows
per groups of countries, 2000-2009
(%)
Note: developing countries category also covers countries in transitions
Source: Roxburgh, Charles, Lund, Susan and John Piotrowski, 2011, Mapping Global
Capital Markets 2011, McKinsey Global Institute, August 2011, p. 29
FDIs
Equity
Debt securities
Loans to the non-banking sector
Interbank loans
Developed countries Developing countries
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meunarodni merderi podrazumevaju
spajanja dve jednake frme iz razliitih zemalja
kada se osniva nova frma, a meunarodne
akvizicije podrazumevaju spajanja dva
nejednaka partnera u kojima jedna kompanija
preuzima drugu koja postaje njena flijala.
Razliiti naini na koje se mogu realizovati
strane direktne investicije, pogotovo merderi
i akvizicije, postali su preovlaujui naini
fnansiranja poslovnih aktivnosti kompanija.
Sa druge strane, investitori koji preduzimanjem
direktnih investicija u inostranstvu fnansiraju
aktivnosti kompanija u drugim zemljama,
na ovaj nain proiruju svoje poslovanje van
nacionalnih granica postajui vlasnici koji
imaju kontrolu nad poslovanjem fnansiranih
kompanija u inostranstvu.
Rastua uloga stranih direktnih investicija
kao oblika fnansiranja globalne svetske
privrede deava se u periodu posle Drugog
svetskog rata, a naroito se intenzivira u
poslednjoj deceniji dvadesetoga veka. Period
poslednje decenije dvadesetoga veka je naroito
doprineo da se povea znaaj stranih direktnih
investicija kao oblika fnansiranja svetske
privrede. To je bio period brojnih reformi u
svim delovima sveta, ukljuujui reforme u
Kini, prestanak hladnog rata, pad Berlinskog
zida i ujedinjenje Nemake, raspad Istonog
bloka i mnogih federalnih drava (Sovjetskog
Saveza, ehoslovake, SFR Jugoslavije), kao
i proces tranzicije ovih i drugih zemalja iz
centralno-planskih u trine privrede kojim su
se ove zemlje otvorile prema spoljnjem svetu.
Otvaranjem ovih zemalja i otklanjanjem brojnih
barijera koje su ove zemlje postavile u svojim
odnosima sa drugim zemaljama, ukljuujui
i prepreke u kretanju kapitala, otvorile su se
mogunosti za kretanje kapitala i investiranje
irom sveta. U ovom periodu otpoinje
intenzivno fnansiranje ovih zemalja prilivima
stranog kapitala.
Finansiranje globalne ekonomije putem
stranih direktnih investicija kontinuirano se
poveavalo tokom druge polovine dvadesetoga
veka, a naroito u poslednjoj deceniji
dvadesetoga veka, kada su prilivi stranih
direktnih investicija sa 225 milijardi USD
proseno godinje u periodu 1990-1995. godina
narasli na 1,4 biliona USD u 2000. godini, to je
bio njihov najvii nivo do tada (Tabela 1). Nakon
trogodinjeg uzastopnog opadanja, tokovi
stranih direktnih investicija u svetu posle 2003.
godine ponovo belee kontinuiran porast do
2007. godine, kada dostiu rekordni nivo, koji
je za preko 500 milijardi USD bio vii od nivoa
iz 2000. godine, pribliavajui se 2 biliona USD.
Sa svetskom fnansijskom krizom, fnansiranje
putem stranih direktnih investicija je opalo
u 2008. i naroito 2009. godini. Do njihovog
oporavka dolazi u 2010. godini, kada ostvaruju
porast od 5% i premauju 1,3 biliona USD.
Porast se nastavlja i u 2011. godini, kada tokovi
stranih direktnih investicija u svetu belee
porast za 16%, na nivo preko 1,52 biliona USD,
ime strane direktne investicije postaju veoma
znaajan oblik fnansiranja svetske privrede.
Prema prognozama i oekivanjima budueg
kretanja tokova stranih direktnih investicija u
svetu, moe se oekivati da e ove investicije
i dalje biti veoma znaajan kanal fnansiranja
svetske privrede.
Posmatrano po sektorima, prilivima
stranih direktnih investicija u svetskoj privredi
najvie je fnansiran sektor usluga. Strane
direktne investicije jesu rasle u sva tri sektora,
primarnom, sekundarnom i tercijarnom, ali je
najvei deo, rastui, odlazio u tercijalni sektor.
U periodu 1990-2009. godine, uee sektora
Tabela 1. Prilivi stranih direktnih investicija
u svetu
(milioni USD)
Godina Prilivi SD
1990-1995
(god. prosek)
225.321
1996 386.140
1997 481.911
1998 690.905
1999 1.086.750
2000 1.387.953
2001 817.574
2002 678.751
2003 559.576
2004 742.143
2005 958.697
2006 1.463.351
2007 1.975.537
2008 1.790.706
2009 1.197.824
2010 1.309.001
2011 1.524.422
Izvor, UNCTAD, World Investment Report, razne godine, UN,
New York and Geneva.
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The cross-border mergers and acquisitions
designate buying, merging and integration of
two frms from diferent countries, while the
cross-border mergers are the act of merging of
two equitable frms from diferent countries
resulting in the incorporation of a new frm.
Cross-border acquisitions are a merger between
two inequitable partners where one company
is taking over the other one, turning it into its
afliate. Diferent ways in which foreign direct
investment may be realised, especially mergers
and acquisitions, have become the prevailing
manner of fnancing business activities of
companies. On the other hand, investors
venturing into foreign direct investments
fnancing activities of companies in other
countries are expanding in this manner their
businesses beyond national borders becoming
owners with control powers over business of
companies fnanced abroad.
The growing role of foreign direct
investments, as a form of fnancing global world
economy, started to emerge in the period after
the Second World War, to become especially
intensifed during the last decade of the 20
th

century. The period of the last decade of the
20
th
century especially boosted the importance
of foreign direct investments as a form of
fnancing world economy. This was a period
of many reforms taking part throughout the
world, including reforms in China, termination
of the cold war, the fall of the Berlin Wall and
unifcation of Germany, the collapse of the
Eastern Block and of many other federal states
(the Soviet Union, Czechoslovakia, SFR of
Yugoslavia), but also a transition process of
these and other countries from the centrally
planned into market economies, when these
countries opened up towards the outside
world. With the opening of these countries
and the elimination of many barriers erected
by them in their relations with the outside
world, including barriers to the movement
of capital, opportunities were opening up
for the movement of capital and investments
throughout the entire world. This was the
period when intensive fnancing started in these
countries through the infow of foreign capital.
Financing of global economy through
foreign direct investments continued to grow
during the second half of the 20
th
century, and
especially was intensive in the last decade of the
20
th
century, when the infow of foreign direct
investments grew, from 225 billion USD in an
annual average in the period 1990-1995, to 1.4
trillion USD in 2000, which was their highest
level ever atained (Table 1). After a three-year
consecutive fall, foreign direct investment
fows in the world, after 2003, recorded again
continuous growth up to 2007, when a record
level was reached of over 500 billion USD in
excess to the level of 2000, geting close to 2
trillion USD. When the world economic crisis
erupted, fnancing through foreign direct
investments fell in 2008, and especially in
2009. Their recovery was to start in 2010, when
a growth was recorded of 5% exceeding 1.3
trillion USD. The growth was to continue also in
2011, when the foreign direct investments fow
in the world reached a growth of 16%, at the
level of over 1.52 trillion USD, thus positioning
foreign direct investments as a very signifcant
form of fnancing world economy. According
to the projections and expectations for future
movement of the foreign direct investment
fows in the world, it is to be expected that
these investments will still remain to be a
very signifcant channel for fnancing world
economy.
Table 1 Foreign direct investments fow in
the world
(Million USD)
Year FDIs infows
1990-1995
(annual average)
225.321
1996 386.140
1997 481.911
1998 690.905
1999 1.086.750
2000 1.387.953
2001 817.574
2002 678.751
2003 559.576
2004 742.143
2005 958.697
2006 1.463.351
2007 1.975.537
2008 1.790.706
2009 1.197.824
2010 1.309.001
2011 1.524.422
Source: UNCTAD, World Investment Report, various years, UN,
New York and Geneva
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usluga u ukupnom stoku ulaznih stranih
direktnih investicija u svetu je, sa 49% poraslo
na 63%, dok je uee obadva druga sektora
znaajno opalo: primarnog sa niskih 9,4% na
jo niih 7,3%, a naroito sekundarnog sa 41%
na 27,6% (Tabela 2).
U okviru sektora usluga, strane direktne
investicije su najvie odlazile u fnansijske
usluge, u okviru kojih je naroito raslo
investiranje u bankarski sektor. Poslednjih
godina naroito su poveavane strane direktne
investicije u sektor fnansijskog posredovanja
usled velikih investicija koje su, u najveoj
meri, preduzimale strane banke. Savremeni
trend u bankarstvu podrazumeva da velike
banke izlaze na inostrana trita, preduzimaju
direktne investicije u bankarske institucije
drugih zemalja, inei ih svojim flijalama ili
ograncima. Otuda
s a v r e m e n o
b a n k a r s t v o
karakterie i trend
porasta priliva
stranih direktnih
i n v e s t i c i j a
odnosno rasta
uea stranog
kapitala (flijala
stranih banaka)
u bankarskim
sektorima zemalja
domaina stranih direktnih investicija.
Analiza strukture vlasnitva bankarskog
sektora zemalja Evropske unije, SAD kao i
zemalja Jugoistone Evrope pokazuje da je
pojaano fnansiranje bankarskog sektora ovih
zemalja prilivima stranih direktnih investicija
dovelo do rasta uea stranog kapitala u
njihovim bankarskim sektorima, odnosno do
porasta broja i uloge stranih banaka.
Tako je, u sluaju zemalja lanica Evropske
unije, uee stranog kapitala u bankarskom
sektoru dostiglo 29% (Tabela 3). Pri tome, u
analizi strukture vlasnitva bankarskog sektora
zemalja lanica Evropske unije, uoava
se razlika izmeu starih i novih lanica
Evropske unije. Analiza strukture
vlasnitva bankarskog sektora starih
lanica Evropske unije (EU15), pre
prikljuenja novih lanica, pokazuje
da je u bankarskom sektoru zemalja
EU15 dominirao bankarski kapital
zemalja EU15. Do promene u vlasnikoj
strukturi bankarskog sektora Evropske
unije dolazi kada se Evropskoj uniji
prikljuuju manje razvijene zemlje
odnosno sa formiranjem EU27.
Novoprikljuene, manje razvijene zemlje
Evropske unije karakterie visoko uee
stranog kapitala u njihovim bankarskim
sektorima, to je dovelo do promene ukupne
strukture vlasnitva bankarskog sektora EU27.
Podaci pokazuju da je, u periodu 2004-2007.
godine, uee stranog kapitala u bankarskom
sektoru novih lanica Evropske unije, EU (27-
15), poveano sa 24,7% na 70,3%, to je dovelo
i do poveanja uea stranog kapitala u
ukupnom bankarskom sektoru EU27 sa 24,7%
na 28,7% (Tabela 3).
Struktura vlasnitva bankarskog sektora
Sjedinjenih Amerikih Drava, takoe, pokazuje
istu tendenciju, odnosno porast uea stranog
kapitala i broja stranih banaka. Tako se, u SAD,
broj banaka sa stranim kapitalom poveao vie
od dva puta, sa 2.483 na 5.106 u periodu 1999-
2005. godina (OECD, 2008, str. 594).
Tabela 2. Sektorska distribucija svetskog stoka ulaznih
stranih direktnih investicija, 1990 i 2007
1990 2009
Mlrd
USD
Uee u
svetskom
stoku (%)
Mlrd
USD
Uee u
svetskom
stoku (%)
Primarni 167 9,4 1 305 7,3
Sekundarni 729 40,9 4 962 27,6
Usluge 869 48,8 11 309 63,0
Izvor: uea izraunata prema UNCTAD, 2007, World Investment Report 2007,
UN, New York and Geneva, p. 225 i UNCTAD database, Internet, htp://
unctad.org/Sections/dite_dir/docs/WIR11_web%20tab%2024.xls, 28/07/2012.
Tabela 3. Uee flijala stranih banaka u bankarskom sektoru EU27, 2004-2007
(%)
2004-2006 2007
2004 2005 2006 EU27 EU15 EU (27-15)
Ogranci iz EU 8,1 8,4 8,5
14,2 14,4 7,9
Ogranci iz drugih zemalja 4,5 4,7 4,7
Banke iz EU 9,1 9,7 10,5
14,5 13,4
58
Banke iz treih zemalja 3,0 3,2 3,5 4,4
Uee stranog kapitala 24,7 26,0 27,1 28,7 27,8 70,3*
Uee domaeg kapitala 75,3 74,0 72,9 71,3 72,2 29,7
* Bez Rumunije i Bugarske
Izvor: ECB, EU Banking Structure, razne godine (2005-2008), European Central Bank.
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According to sectors, foreign direct
investment fows in the world economy mostly
fnanced sector of services. Foreign direct
investments did grow in all of the three sectors,
the primary, secondary and tertiary, but the
largest part was increasingly channelled into
the tertiary sector. In the period 1990-2009,
the share of services sector in the total stock
of infowing foreign direct investments in the
world grew from 49% to 63%, while the share
of the other two sectors combined signifcantly
fell: in the primary sector, from low 9.4% to even
lower 7.3%, and especially so in the secondary
sector, from 41% to 27.6% (Table 2).
In the services sector foreign direct
investments were mainly going to the fnancial
services, where there was a particular growth
of investment into the banking sector. During
the last few years especially, foreign direct
investments were increased in the fnancial
intermediation (brokerage) sector because of
large investments made particularly by the
foreign banks. Modern trend in banking implies
that large banks are venturing on foreign
markets, undertaking direct investments into
the banking institutions of other countries,
rendering them their branches or afliates.
Hence the modern banking is characteristic
for the trend of growth in the infow of foreign
direct investments, i.e. growth in share of
foreign capital (foreign banks afliates) in the
banking sectors of the host countries of foreign
direct investments.
The analysis of the ownership structure
of the banking sector in the European Union
countries, in the USA, and countries of the
South East Europe shows that the fnancing
of the banking sector of these countries was
intensifed by the infow of foreign direct
investments, having caused growth of share in
the foreign capital in their banking sectors, i.e.
growth of the number and role of foreign banks.
Consequently, in the case of the European
Union member-countries, the share of foreign
capital in the banking sector reached 29% (Table
3). In this case, in the analysis of the ownership
structure of the banking sector in the European
Union countries, a diference is
observed between the old and the new
European Union members. The analysis
of the ownership structure of the
banking sector in the old EU member-
countries (EU15), prior to the accession
of the new members, shows that in the
banking sector of the EU15 member-
countries the predominant banking
capital was that of the EU15 countries.
The change in the ownership structure
of the European Union banking sector
occurred at the time when European
Union was joined by the less developed
countries, i.e. when the EU27 was established.
The newly joined and lesser developed
European Union countries are characteristic for
a high share of foreign capital in their banking
sectors, which caused the changes to transpire
in the overall ownership structure of the EU27
banking sector. Data shows that in the period
2004-2007 the share of foreign capital in the
banking sector of the new European Union,
EU (27-15), was increased from 24.7% to 70.3%,
which caused the growth in the share of foreign
capital in the overall EU27 banking sector, from
24.7% to 28.7% (Table 3).
Table 2. Distribution of the world stock of incoming
foreign direct investments per sectors, 1990 and 2007
1990 2009
Billion
USD
Share in
the world
stock (%)
Billion
USD
Share in
the world
stock (%)
Primary 167 9,4 1 305 7,3
Secondary 729 40,9 4 962 27,6
Services 869 48,8 11 309 63,0
Source: Shares are calculated according to the UNCTAD, 2007, World
Investment Report 2007, UN, New York and Geneva, p. 225, and UNCTAD
database, Internet, htp://unctad.org/Sections/dite_dir/docs/WIR11_web%20
tab%2024.xls, 28/07/2012
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Zemlje regiona Jugoistone Evrope,
takoe, pokazuju znaajnu tendenciju porasta
priliva stranih direktnih investicija u njihove
bankarske sektore, odnosno porasta uea
stranog kapitala u vlasnikoj strukturi svojih
bankarskih sektora i uloge i znaaja stranih
banaka. Poetkom devedesetih godina
dvadesetoga veka, najvei deo bankarskog
sektora zemalja Jugoistone Evrope bio je
nerazvijen. Proces tranzicije i trinih reformi,
otvaranje za strano vlasnitvo, privatizacija
dravne imovine i pripreme za lanstvo u
Evropsku uniju u pravcu stvaranja stabilnijih
i atraktivnijih poslovnih okruenja, uinili
su ovaj region privlanim za strane direktne
investicije, a posebno njegov usluni sektor i
u okviru njega fnansijske usluge. U ukupnom
stoku ulaznih stranih direktnih investicija u
zemlje regiona Jugoistone Evrope, najvei deo
je otpadao na fnansijske usluge, preko 30%, dok
ni na jedan drugi sektor nije otpadalo preko 20%
ovog stoka u 2008. godini (Tabela 4). Naroito
je bankarski sektor bio atraktivan, i u njega su
strane banke preduzimale velike investicije
pripajajui domae banke, prvenstveno vrei
privatizaciju domaih banaka ili meunarodne
merdere i akvizicije sa domaim bankama, a
manje grinfld investicije.
Najznaajnije strane banke investitori u
bankarski sektor zemalja Jugoistone Evrope
potiu iz Grke i Austrije, a pored njih znaajne
su i banke koje potiu iz Francuske i Italije. Do
2005. godine, grke banke su potroile oko jednu
milijardu dolara kupujui banke na Balkanu. U
2006-2007. godini najznaajnije meunarodne
merdere i akvizicije u bankarskom sektoru
zemalja Jugoistone Evrope sprovele su
National Bank of Greece, Eurobank, Alpha
Bank, ATE Bank i Piraeus Bank. National Bank
of Greece je kupila u Turskoj Finansbank, u
Srbiji Vojvoansku banku, u Rumuniji Banca
Romaneasca i Banku u Bugarskoj, Eurobank
je kupila u Turskoj Tekfenbank i u Bugarskoj
DZI Bank i Postbank, u Srbiji je Alpha Bank
kupila Jubanku, ATE Bank je kupila AIK
Banku, dok je grka Piraeus Bank kupila Atlas
Banku (UNCTAD, 2008, str. 32). Pored grkih i
austrijskih banaka, i druge evropske banke su
ulazile na bankarska trita zemalja Jugoistone
Evrope. Tako Bank Austria Creditanstalt,
austrijska Raifeisen i italijanske Unicredito
i Banca Intesa imaju znaajnu ulogu u ovom
regionu. Sa druge strane, francuske Credit
Agricole i Societe Generale su vrile akviziciju
grkih banaka. Meu najvee akvizicije ovog
regiona spadale su one u kojima je austrijska
Erste Bank kupila rumunsku Banca Commercial
Romania za 4,7 milijardi USD i belgijska Dexia
tursku Denizbank FS za 2,4 milijarde USD
(UNCTAD, 2008, str. 32).
U nove zemlje lanice Evropske unije,
Bugarsku i Rumuniju, strane banke su ulazile
brzo kako bi ostvarile dominantnu poziciju. U
Bugarskoj 83% banaka kontroliu strani vlasnici.
Vodeu ulogu u bankarskom sektoru Rumunije
imaju strani vlasnici, pri emu austrijske banke
uestvuju sa 23% u strukturi vlasnitva, a
prate ih grke banke sa 10% i italijanske banke
sa 7% uea. Rumunija se procenjuje kao
najatraktivnije trite za flijale stranih banaka
jer, iako je drugo najvee trite Centralne i
Istone Evrope, ima najmanje razvijen bankarski
sistem (UNCTAD, 2008, str. 32).
Veliki prilivi stranih direktnih investicija i
investicije stranih banaka u bankarski sektor
zemalja Jugoistone Evrope dovele su do
ekspanzije strano-kontrolisanih banaka na
bankarskim tritima zemalja Jugoistone
Evrope. Uee stranih banaka u bankarskoj
imovini pojedinih zemalja Jugoistone Evrope
je sa ispod 20% poveano na preko 80% ili 90%
u periodu od 2002. do 2008. godine (Grafkon
1). Uz to, kod mnogih od njih je porast uea
stranog kapitala u bankarskom sektoru bio
nagao i radikalan. Tako je strano vlasnitvo u
Tabela 4. Sektorska distribucija stoka ulaznih
stranih direktnih investicija u zemljama
Jugoistone Evrope, 2008
(%)
Sektor
Uee u
ukupnom stoku
ulaznih SDI
Finansije 32
Trgovina 12
Transport i skladitenje 9
Hemijski proizvodi 7
Poslovne aktivnosti 5
Ostali sekundarni sektori 16
Ostali tercijarni sektori 10
Primarni sektor 3
Ostali 6
Izvor: UNCTAD, 2010, World Investment Report 2010, Un, New
York and Geneva, p. 52.
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The ownership structure of the banking
sector in the United States of America is also
manifesting the same tendency, i.e. the growth
in share of foreign capital and the number of
foreign banks. Thus in the USA the number
of banks with foreign capital has more than
doubled, growing from 2483 to 5106 in the
period 1999-2005 (OECD, 2008, p. 594).
Countries of the South Eastern European
region are also showing a signifcant tendency
of growth in the infow of foreign direct
investments into their banking sectors, i.e.
growth in share of foreign capital in the
ownership structure of their respective banking
sectors and an enhanced role and importance
of foreign banks. In the early 1990s, the major
part of the banking sectors in the South East
European countries was undeveloped. The
transition process and market reforms, opening
up to the foreign ownership, privatisation of the
state-owned property, and preparations for the
European Union accession to membership in
the direction of creating more stable and more
atractive business climate, made this region
atractive for foreign direct investments, and
especially its sector of services and within this
sector its fnancial services. In the total stock
of incoming foreign direct investments in the
countries of the South East European region,
the major part was channelled in the fnancial
services, over 30%, while none of the other
sectors received more than 20% of this stock
in the year 2008 (Table 4). Banking sector
was especially atractive and foreign banks
undertook large investments into it, acquiring
domestic banks, primarily through privatisation
of domestic banks, or through the cross-border
mergers and acquisitions of domestic banks,
with fewer green-feld investments.
The most
important foreign
banks, investors
in the banking
sector of the South
East European
c o u n t r i e s ,
originate from
Greece and
Austria, and
in addition to
these banks,
outstanding ones
are also the banks from France and Italy. Up to
2005, Greek banks have spent some one billion
USD on the purchase of banks in the Balkans.
In the period 2006-2007, the most important
international mergers and acquisitions in the
banking sector of the South East European
countries were conducted by the National
Bank of Greece, Eurobank, Alpha Bank, ATE
Bank, and Piraeus Bank. National Bank of
Greece bought in Turkey the Finansbank, in
Serbia Vojvodjanska banka, in Romania Banca
Romaneasca, and a bank in Bulgaria. Eurobank
bought in Turkey Tekfenbank, and in Bulgaria
DZI Bank and Postbank. In Serbia, Alpha Bank
bought Jubanka. ATE Bank bought AIK Bank,
while Greek Piraeus Bank bought Atlas Bank
(UNCTAD, 2008, p. 32). In addition to the Greek
and Austrian banks, other European banks as
well were venturing into the banking market
of the South East Europe countries. Hence the
Table 3 The share of foreign banks afliates in the EU27 banking sector, 2004-
2007 (%)
2004-2006 2007
2004 2005 2006 EU27 EU15 EU (27-15)
Afliates from EU 8,1 8,4 8,5
14,2 14,4 7,9 Afliates from other
countries
4,5 4,7 4,7
EU banks 9,1 9,7 10,5
14,5 13,4
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Banks from third countries 3,0 3,2 3,5 4,4
Share of foreign capital 24,7 26,0 27,1 28,7 27,8 70,3*
Share of domestic capital 75,3 74,0 72,9 71,3 72,2 29,7
* Without Romania and Bulgaria
Source: ECB, EU Banking Structure, diferent years (2005-2008), European Central Bank
Table 4. Stock distribution per sectors of the
incoming foreign direct investments in the
countries of South East Europe, 2008
(%)
Sector
Share in
total stock
of incoming
foreign direct
investments
Finance 32
Trade 12
Transport and storage 9
Chemical products 7
Business activities 5
Other secondary sectors 16
Other tertiary sectors 10
Primary sector 3
Other 6
Source: UNCTAD, 2010, World Investment Report 2010, Un,
New York and Geneva, p. 52.
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bankarskoj imovini Crne Gore poraslo sa 17%
u 2002. godini na vie od 85% u 2008. godini,
a u Srbiji u istom periodu je sa 25% poveano
na 75%, dok je u Albaniji, Bosni i Hercegovini
i Makedoniji uee stranih banaka u ukupnoj
bankarskoj imovini prelo 90% u 2008. godini
(Grafkon 1).
U vreme svetske ekonomske krize iz 2008.
godine, kao i neposredno nakon, u bankarski
sektor zemalja Jugoistone Evrope najvie su
investirale banke iz istih evropskih zemalja kao
i u vreme pre fnansijske krize. To su banke
iz Austrije, Francuske, Grke i Italije. U 2009.
godini su, na primer, italijanska Banca Intesa
i UniCredit posedovale gotovo 1/5 ukupne
bankarske imovine u Srbiji, dok su austrijske
Erste, Raifeisen i Hypo Group Alpe Adria
posedovale 1/3 bankarske imovine u Hrvatskoj
(UNCTAD, 2010, str. 73). Procenjuje se
da na grke banke otpada u proseku
20% trinog uea u zemljama
Jugoistone Evrope.
Na ovaj nain, strane banke su ule
na bankarska trita zemalja regiona
Jugoistone Evrope i u velikoj meri
kontroliu bankarski sektor ovog
regiona, sa svim prateim koristima
i rizicima koje ova dominacija
podrazumeva.
Strane direktne investicije kao oblik
fnansiranja privrede Srbije
Strane direktne investicije kao oblik
fnansiranja privrede Srbije tokom poslednje
decenije dvadesetoga veka nisu imale
znaajniju ulogu. Niz nepovoljnih deavanja i
velikih potresa koji su pogodili zemlju
uticali su i na veoma nizak priliv
stranih direktnih investicija u Srbiju.
Do postepenog oivljavanja priliva
direktnih investicija iz inostranstva
u Srbiju dolo je tek u prvoj deceniji
dvadesetprvoga veka, odnosno od
2001. godine (Grafkon 2). U narednim
godinama, izuzev u 2004. godini,
uloga stranih direktnih investicija kao
oblika fnansiranja srpske privrede
znaajno je rasla. U 2006. godini,
priliv stranih direktnih investicija u
Srbiju je dostigao 4,2 milijarde USD,
to predstavlja rekordnu vrednost
priliva stranih direktnih investicija
koji je Srbija do sada ostvarila. U ovoj
godini, Srbija je bila zemlja regiona Centralne
i Istone Evrope sa najveim prilivom stranih
direktnih investicija, koji je realizovan kroz
privatizaciju srpske kompanije Mobi63 od
strane norveke kompanije Telenor. Posle ove
godine, prilivi stranih direktnih investicija u
Srbiju belee etvorogodinje opadanje do 2010.
godine, na nivo od 1,3 milijardu USD, nakon
ega se oporavljaju u 2011. godini dostiui
2,7 milijarde USD, mada je to znaajno ispod
ostvarenog proseka 2006-2008. godine.
Grafkon 1. Uee stranih banaka u ukupnoj
bankarskoj imovini zemalja Jugoistone Evrope,
2002 i 2008. godine
(%)
Izvor: UNCTAD, 2010, World Investment Report 2010, New York and
Geneva, p. 52.
Grafkon 2. Prilivi stranih direktnih investicija u
Srbiju
(u milionima USD
Izvor: NBS, Internet, htp://www.nbs.rs/internet/cirilica/80/platni_bilans.
html, 19/07/2012; UNCTAD, 2011, World Investment Report 2011, New
York and Geneva, p. 190 i UNCTAD, 2012, World Investment Report 2012,
New York and Geneva, p. 172.
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Bank Austria Creditanstalt, Austrian
Raifeisen, and Italian Unicredito and
Banca Intesa are playing an important
role in this region. On the other hand,
French Credit Agricole and Societe
Generale were making acquisitions
of the Greek banks. Among the major
acquisitions in this region were the
ones in which the Austrian Erste
Bank bought the Romanian Banca
Commercial Romania for the sum of
4.7 billion USD, and the Belgian Dexia
bough the Turkish Demizbank FS for
2.4 billion USD (UNCTAD, 2008, p. 32).
Foreign banks were entering into
new EU member-countries, Bulgaria
and Romania, very promptly in order to gain a
predominant position. In Bulgaria, 83% of banks
are under control of the foreign owners. The
leading role in the banking system of Romania
is in the hands of the new owners, where the
Austrian banks are participating with 23% in
the ownership structure, to be followed by the
Greek banks with 10%, and Italian banks with
7% share. Romania is estimated to be the most
atractive market for the foreign banks afliates
because it is the second largest market in the
Central and Eastern Europe, yet it has the least
developed banking system (UNCTAD, 2008,
p.32).
Large infow of foreign direct investments
and investments of foreign banks in the banking
sector of the South East European countries
brought about an expansion of the foreign-
controlled banks on the banking markets of
the countries in South East Europe. The share
of foreign banks in the banking assets of
individual countries in South East Europe has
grown, from below 20% to over 80%, or 90%
in the period from 2002 to 2008 (Graph 1). In
addition, in many of these cases the growth in
share of foreign capital in the banking sector was
swift and radical. Thus the foreign ownership
in banking assets of Montenegro grew from
17% in 2002 to more than 85% in 2008, and
in Serbia, during that same period, it was
increased from 25% to 75%, while in Albania,
Bosnia and Herzegovina, and Macedonia the
share of foreign banks in the total banking
assets exceeded 90% in the year 2008 (Graph 1).
At the time of the world economic crisis in
2008, and immediately thereafter, the major
investments made in the banking sector of the
countries of South East Europe were the banks
from the same European countries as the ones
from the time prior to the crisis. These are
the banks from Austria, France, Greece, and
Italy. In 2009, for example, Italian Banca Intesa
and UniCredit owned almost 1/5 of the total
banking assets in Serbia, while the Austrian
Erste, Raifeisen and Hypo Group Alpe Adria
were the owners of 1/3 of the banking assets in
Croatia (UNCTAD, 2010, p. 73). It is estimated
that the Greek banks are holding an average
of 20% of the market share in the countries of
South East Europe.
In this manner, foreign banks have entered
the banking markets of the countries in the
region of South East Europe and are to a great
extent controlling the banking sector of this
region, with all the complementary benefts and
risks that this domination entails.
Foreign direct investments as a form
of fnancing economy in Serbia
Foreign direct investments, as a form of
fnancing economy in Serbia, did not play any
signifcant role during the last decade of the
twentieth century. A series of disadvantageous
events and great turbulence that had stricken the
country impacted a very low infow of foreign
direct investments into Serbia. Gradual revival
of the infow of foreign direct investments into
Serbia started only in the frst decade of the 21
st

Graph 1 The share of foreign banks in the total
banking assets of the South East European
countries, 2002 and 2008
(%)
Source: UNCTAD, 2010, World Investment Report 2010, New York and
Geneva, p. 52.
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Finansiranje srpske privrede putem
direktnih investicija najvie vre investitori
iz zemalja Evropske unije i zemalja regiona
Centralne i Istone Evrope, kao i pojedinih
udaljenih zemalja (SAD, Rusije,
Japana i Izraela), pri emu se znaaj
ovih zemalja razllikuje u pojedinim
godinama.
Prilivima stranih investicija,
inicijalno, najvie je fnansirana
trgovina. Sa znaajnim rastom
priliva stranih direktnih investicija
u zemlju, posle 2004. godine, dolazi
i do njihove sve vee usmerenosti
u fnansijski sektor. U 2005. godini,
sektor koji je u najveoj meri privlaio
strane direktne investicije bilo je
fnansijsko posredovanje, to je bio
trend koji se nastavio i u narednim
godinama U periodu od 2005. do
2008. godine, vodei sektor u koji su pristizale
direktne investicije iz inostranstva bilo je
fnansijsko posredovanje, koga su, zavisno
od godine, razliitim redosledom, sledili:
telekomunikacije, preraivaka industrija,
poslovi sa nekretninama i trgovina (NBS,
2012, htp://www.nbs.rs/export/sites/default/
internet/latinica/80/ino_ekonomski_odnosi/
platni_bilans/fdi_delatnosti_11.xls, 29/07/2012).
U 2006. godini ubedljivo najvei primalac
stranih direktnih investicija u zemlji bilo
je fnansijsko posredovanje, u koje je otilo
preko 1/3 ukupnih priliva stranih investicija
u zemlju (Grafkon 3). Na ovaj nain je trend
koji je karakterisao svetske tokove stranih
direktnih investicija, a to je njihova usmerenost
u sektor usluga, a u okviru njega u fnansijske
usluge, bio prisutan i u privredi Srbije. U
2011. godini, fnansijske delatnosti i delatnost
osiguranja su bile trei po redu najvei primalac
stranih direktnih investicija, posle trgovine
i preraivake industrije (NBS, 2012, htp://
www.nbs.rs/export/sites/default/internet/
latinica/80/ino_ekonomski_odnosi/platni_
bilans/fdi_delatnosti_11.xls, 29/07/2012).
Meu strane kompanije koje su preduzele
najvee investicije u Srbiji, u periodu 2002-2009.
godina, spadaju i etiri iz sektora bankarstva:
italijanska Intesa Sanpaolo, grka National
Bank of Greece, maarska OTP Bank i grka
Alpha bank (Tabela 5). Sve etiri investicije
u sektor bankarstva spadaju u 20 najveih
investicija preduzetih u Srbiji u ovom periodu.
Strane banke su ulazile na domae trite
prvenstveno kroz privatizaciju domaih banaka,
privatizujui domae banke u dravnom
vlasnitvu, dok su domae privatne banke kroz
akviziciju pripajane stranim bankama. Tako je
grka National Bank of Greece privatizovala
Vojvoansku banku, a grka Alpha bank
Jubanku, dok je italijanska banka Intesa
Sanpaolo izvrila akviziciju domae privatne
Delta banke. Najvee investicije u bankarski
sektor Srbije vrile su bankarske kompanije iz
zemalja okruenja.
Izvor: NBS, 2012, htp://www.nbs.rs/export/sites/default/internet/
latinica/80/ino_ekonomski_odnosi/platni_bilans/fdi_delatnosti_06.xls,
29/07/2012.
Grafkon 3. Sektorska distribucija priliva stranih
direktnih investicija u Srbiju, 2006
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century, i.e. from 2001 onwards (Graph 2). In the
years to follow, with the exception of 2004, the
role of foreign direct investments as a form of
fnancing Serbian economy, substantially grew.
In 2006, the infow of foreign direct investments
into Serbia reached 4.2 billion USD, which is
a record value of infow of foreign direct
investments that Serbia had achieved by that
date. During that year, Serbia was the country of
the region of Central and Eastern Europe with
the highest infow of foreign direct investments,
which was achieved through the privatization
of Serbian company Mobi 63 by the Norwegian
company Telenor. After that year, the infow of
foreign direct investments into Serbia recorded
a four-year fall up to 2010, at the level of 1.3
billion USD, thereupon to experience a recovery
in 2011 reaching 2.7 billion USD, although this
was substantially below the average achieved
in the period 2006-2008.
Financing of the Serbian economy
through direct investments is mostly
conducted by the investors from
the European Union countries and
countries of the region of the Central
and Eastern Europe, but also from
some more remote countries (USA,
Russia, Japan, and Israel), where the
signifcance of these countries varies
in some of the years.
Foreign investment infows have
initially mainly fnanced trade. With
the substantial growth in infow of
foreign direct investments into the
country, after 2004, what started was
their higher focus on the fnancial
sector. In 2005, the sector that was the most
atractive for the foreign direct investments was
fnancial intermediation (brokerage), which
was the trend to be continued also in the years
to come. In the period 2005 to 2008, the leading
sector receiving foreign direct investments was
fnancial intermediation, which was followed,
in diferent order depending on the year, by
the following: telecommunications, processing
industry, real estate, and trade (NBS, 2012,
http://www.nbs.rs/export/sites/default/
internet/latinica/80/ino_ekonomski_odnosi/
platni_bilans/fdi_delatnosti_11.xls, 29/07/2012).
In 2006, undoubtedly the largest recipient
of the foreign direct investments in the country
was fnancial intermediation, which received
over 1/3 of the total infow from foreign direct
investments in the country (Graph 3). In this
way the trend which was characteristic for
the world trends in foreign direct investments
and that is its focus on the sector of
services and within this sector on the
fnancial services, was also present
in the economy of Serbia. In 2011,
fnancial activities and the insurance
business were ranking third as the
largest recipients of the foreign direct
investments, after the trade and the
processing industry (NBS, 2012, htp://
www.nbs.rs/export/sites/default/
internet/latinica/80/ino_ekonomski_
odnosi/platni_bilans/fdi_delatnosti_11.
xls, 29/07/2012).
Graph 2. Infow of foreign direct investments into
Serbia
(Million USD)
Source: NBS, Internet, htp://www.nbs.rs/internet/cirilica/80/platni_
bilans.html, 19/07/2012; UNCTAD, 2011, World Investment Report 2011,
New York and Geneva, p. 190, and UNCTAD, 2012, World Investment
Report 2012, New York and Geneva, p. 172
Source: htp://www.nbs.rs/export/sites/default/internet/latinica/80/ino_
ekonomski_odnosi/platni_bilans/fdi_delatnosti_o6.xls, 29/07/2012
Graph 3. Foreign direct investments infow
distribution per sectors in Serbia, 2006
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Finansijski sektor, posebno sektor
bankarstva Srbije, najvee promene je pretrpeo
u periodu 2001-2003. godine. Pre toga, teak
period kroz koji je prola Srbija u okviru bive
SFRJ i potom, SRJ, rezultirao je u nasleenom
bankarskom sistemu optereenom brojnim
problemima. Zakljuno sa 2000. godinom,
bankarski sektor Srbije je brojao ukupno 96
banaka (NBJ, 2000, str. 80). U periodu 2001-
2003. godina, sa ukidanjem etiri velike banke
(Beobanke, Beogradske banke, Investbanke i
Jugobanke), kao i drugih banaka, dolo je do
smanjenja ukupnog broja banaka u Srbiji za
50%. Time je svetski trend smanjenja ukupnog
broja banaka karakterisao i bankarski sektor
Srbije u periodu od 2000. godine. Promene koje
su se deavale u bankarskom sektoru Srbije
ukljuivale su kupovine i spajanja banaka,
ukrupnjavanje kapitala banaka kao i ulazak
stranih banaka na domae bankarsko trite.
Sa aktivnom politikom liberalizacije u
pogledu uslova ulaska stranog kapitala u
bankarski sektor Srbije, dolo je do znaajnih
priliva stranih direktnih investicija u bankarski
sektor i poveanja banaka u stranom vlasnitvu.
Domae banke su sve vie bivale fnansirane
kapitalom banaka iz inostranstva. Broj banaka
u veinskom stranom vlasnitvu se sa 11 u 2004.
godini poveao na 20 u 2009. godini, dok se
uee stranih banaka, u ukupnom bankarskom
kapitalu Srbije, u istom periodu 2004-2009.
godine, povealo sa 19,7% (NBS, 2004, str. 98)
na 73,1% (NBS, 2009, str. 63-64), ime dolazi
do dominacije stranih banaka u bankarskom
sektoru Srbije i visoke zavisnosti bankarskog
sektora Srbije od stranih banaka.
Tabela 5. Najvei strani investitori u Srbiji, 2002-2009. godine
(milioni EUR)
Kompanija Zemlja porekla Sektor Vrsta ulaganja Iznos
Telenor Norveka Telekomunkacije Privatizacija 1.602
Gazprom Neft Rusija Naftna industrija Privatizacija 947
Fiat Italija Auto industrija Zajed. ulaganje 700
Philip Morris-DIN SAD Duvanska ind. Privatizacija 611
Mobilkom Austria Group Austrija Telekomunikacije Grinfld 570
Intesa Sanpaolo Italija Bankarstvo Akvizicija 508
Plaza Centres Izrael Nekretnine Grinfld 500
Stada-Hemofarm Nemaka Farmaceutska ind. Akvizicija 475
Embassy Group Indija Nekretnine Grinfld 428
Ab InBev Belgija Hrana i pie Akvizicija 427
NBG Grka Bankarstvo Privatizacija 425
Biotech Energy SAD/Ma. Naftna ind. Grinfld 380
Mercator Slovenija Maloprodaja Grinfld 240
Fondiaria SAI Italija Osiguranje Privatizacija 220
Lukoil-Beopetrol Rusija Naftna industrija Privatizacija 210
Airport City Belgrade Izrael Nekretnine Grinfld 200
Blok 67 Associates Austrija/Srb. Nekretnine Grinfld 180
Holcim-Novi Popovac vajcarska Cement Privatizacija 170
OTP Bank Maarska Bankarstvo Privatizacija 166
Alpha bank-Jubanka Grka Bankarstvo Privatizacija 152
Carlsberg Danska Hrana i pie Akvizicija 152
U. S. Steel-Sartid SAD Prerada lima i elika Braunfld 150
Metro Cash&Carry Nemaka Veleprodaja Grinfld 150
OMV Austrija Benzinske pumpe Grinfld 150
Coca Cola SAD Bezalkoholna pia Akvizicija 142
Lafarge Francuska Cement Privatizacija 141
Africa Israel CORP. Tidhar Izrael Nekretnine Akvizicija 120
Droga Kolinska Grand prom. Slovenija Prehrambena ind. Grinfld 100
Cimos Slovenija Auto industrija Privatizacija 100
JTI Japan Duvanska ind. Privatizacija 100
Izvor: baza podataka Agencije za strana ulaganja i promociju izvoza (SIEPA).
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Among the foreign companies that have
undertaken the largest investments in Serbia, in
the period 2002-2009, were the four ones from
the banking sector: Italian Intesa Sanpaolo,
Greek National Bank of Greece, Hungarian
OTP Bank, and Greek Alpha Bank (Table 5). All
of the four investments in the banking sector
rank amongst the 20 largest investments made
in Serbia in that period. Foreign banks were
venturing on the domestic market primarily
through the privatization of the domestic
banks, by privatizing domestic banks in the
state-ownership, while the domestic private
banks, through acquisition, were merged with
the foreign banks. Hence the Greek National
Bank of Greece privatized Vojvodjanska banka,
and the Greek Alpha Bank privatized Jubanka,
while the Italian bank Intesa Sanpaolo made the
acquisition of the domestic private bank Delta
banka. The largest investments in the banking
sector of Serbia were made by the banking
companies from the countries in the region.
Table 5. The largest foreign investors in Serbia, 2002-2009
(Million EUR)
Company
Country of
origin
Sector
Type of
investment
Amount
Telenor Norway Telecommunications Privatization 1.602
Gazprom Neft Russia Oil industry Privatization 947
Fiat Italy Car industry Joint venture 700
Philip Morris-DIN USA Tobacco industry Privatization 611
Mobilkom Austria Group Austria Telecommunications Green-feld 570
Intesa Sanpaolo Italy Banking Acquisition 508
Plaza Centres Israel Real estate Green-feld 500
Stada-Hemofarm Germany
Pharmaceutical
industry
Acquisition 475
Embassy Group India Real estate Green-feld 428
Ab InBey Belgium Food and beverages Acquisition 427
NBG Greece Banking Privatization 425
Biotech Energy USA/Hungary Oil industry Green-feld 380
Mercator Slovenia Retail sale Green-feld 240
Fondiaria SAI Italy Insurance Privatization 220
Lukoil-Beopetrol Russia Oil industry Privatization 210
Airport City Belgrade Israel Real estate Green-feld 200
Blok 67 Associates Austria/Serbia Real estate Green-feld 180
Holcim-Novi Popovac Switerland Cement Privatization 170
OTP Bank Hungary Banking Privatization 166
Alpha Bank-Jubanka Greece Banking Privatization 152
Carlsberg Denmark Food and beverages Acquisition 152
US Steel-Sartid USA
Steel mill and sheet
metal processing
Brown-feld 150
Metro Cash&Carry Germany Wholesale trade Green-feld 150
OMV Austria Gas stations Green-feld 150
Coca Cola USA Soft drinks Acquisition 142
Lafarge France Cement Privatization 141
Africa Israel CORP. Tidhar Israel Real estate Acquisition 120
Droga Kolinska Grand
prom.
Slovenia Foodstufs industry Green-feld 100
Cimos Slovenia Car industry Privatization 100
JTI Japan Tobacco industry Privatization 100
Source: Database of the Foreign Investment and Export Promotion Agency (SIEPA)
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U periodu 2006-2007. godina (Grafkon
4), bankarske institucije u Srbiji, u stranom
vlasnitvu, upravljaju sa gotovo 80% bilansne
sume bankarskog sektora, dok je dravno
vlasnitvo znatno manje, na nivou od 15%,
a domae privatno vlasnitvo jo manje, na
nivou od 10%. U narednom periodu, 2008-
2010. godine, u vlasnikoj strukturi bankarskog
sektora, udeo stranog vlasnitva je opao na
ispod 80%, ali a prosenim ueem u bilansnoj
sumi od 73% u ovom periodu strane banke i
dalje dominantno upravljaju bankarskim
sektorom Srbije.
Prema poslednjim podacima, zakljuno sa
prvim tromesejem 2012. godine, u bankarskom
sektoru Srbije posluju ukupno 33 banke (Tabela
6), od kojih je 21 banka u stranom vlasnitvu.
Uoava se preovlaujua uloga stranih banaka
u bankarskom sektoru Srbije, na koje otpada
74% ukupne aktive bankarskog sektora, 74%
ukupnog kapitala i 70% svih zaposlenih (to
je preko 20.500 radnika) u bankarskom sektoru
Srbije.
Izvor: NBS, 2008, Izvetaj o stanju u fnansijskom sistemu 2008,
NBS, Beograd, 2008, str. 29, NBS, 2008, Godinji izvetaj 2008,
NBS, Beograd, 2008, str. 62, NBS, 2009, Godinji izvetaj 2009,
NBS, Beograd, 2009, str. 64 i NBS, 2010, Godinji izvetaj o
poslovanju i rezultatima rada 2010, NBS, Beograd, 2010, str. 55.
Grafkon 4. Vlasnika struktura bankarskog
sektora Srbije, udeo u bilansnoj sumi, 2005-2008
(%)
Tabela 6. Odabrani pokazatelji bankarskog sektora Srbije, 2012
Broj
banaka
Aktiva
(%)
Kapital
(%)
Zaposleni
(%)
Banke u vlasnitvu domaih lica 12 26 26 30
Banke u vlasnitvu stranih lica
Italija
Austrija
Grka
Francuska
Ostali
21
2
3
4
3
9
74
22
15
15
10
12
74
22
18
15
8
11
70
14
13
18
9
16
Ukupno 33 100 100 100
Izvor: NBS, 2012, Bankarski sektor u Srbiji: Izvetaj za I tromeseje 2012. godine, jul 2012., str. 3.
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Financial sector and especially the banking
sector of Serbia, experienced major changes
in the period 2001-2003. Difcult period that
Serbia had previously endured within the scope
of the SFR of Yugoslavia and later on as the
Federal Republic of Yugoslavia (FRY) resulted
in an inherited banking sector burdened with
numerous problems. Conclusive with 2000,
banking sector of Serbia numbered a total
of 96 banks (NBS, 2000, p. 80). In the period
2001-2003, with the closure of four large banks
(Beobanka, Beogradska banka, Investbanka,
and Jugobanka), and of some other banks, there
was a reduction in the total number of banks
in Serbia for 50%. Hence the world trend of
reduction of the total number of banks was also
characteristic for the banking sector of Serbia
in the period starting with 2000. Changes
that were taking place in the banking sector
of Serbia included acquisition and merger
of banks, enlargement of the banks capital
and the advent of foreign banks on the
domestic banking market.
Together with an active policy of
liberalization regarding conditions for the
entry of foreign capital in the banking sector
of Serbia, there arrived a substantial infow
of foreign direct investments in the banking
sector and a growth in the number of banks
in foreign ownership. Domestic banks were
increasingly being fnanced with the capital
of foreign banks. The number of banks with
the majority foreign ownership grew from
11 banks in 2004 to 20 in 2009, while the
share of foreign banks in the total banking
capital of Serbia, in that same period
2004-2009, increased from 19.7% (NBS,
2004, p. 98) to 73.1% (NBS, 2009, p. 63-64),
thus causing supremacy of foreign banks
in the banking sector of Serbia and high
dependency of the banking sector of Serbia on
the foreign banks.
In the period 2006-2007 (Graph 4), banking
institutions in Serbia in the foreign ownership,
were managing with almost 80% the balance
sheet sums of the banking sector, while the
state ownership remained considerably lower
at the level of 15%, and the domestic private
ownership even less, at the level of 10%. In the
period to follow, 2008-2010, the share of foreign
ownership in the ownership structure of the
banking sector fell below 80%, but with an
average share in the balance sheet sum of 73%.
In this period foreign banks still continued to
hold a predominant position in the management
of the banking sector of Serbia.
Source: NBS, 2008, Report on the situation in the fnancial system
2008, NBS, Belgrade, 2008, p. 29, NBS, 2008, Annual Report 2008,
NBS, Belgrade, 2008, p. 62, NBS, 2009, Annual Report 2009,
NBS, Belgrade, 2009, p. 64, and NBS, 2010, Annual Report on
Operations and Work Results 2010, NBS, Belgrade, 2010, p. 55.
Graph 4. Ownership structure of the banking
sector of Serbia, share in the balance sheet sum,
2005-2008
(%)
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Vlasnici banaka u stranom vlasnitvu koje
posluju na tritu Srbije potiu iz 11 zemalja:
Austrije, Belgije, Francuske, Grke, Italije, Kipra,
Maarske, Nemake, Ruske Federacije, SAD i
Slovenije (Tabela 7). Meu njima, najznaajnije
banke u stranom vlasnitvu, po ueu u
ukupnoj aktivi bankarskog sektora Srbije,
potiu iz Italije, Austrije, Grke i Francuske
(Tabela 6).
Zakljuak
Strane direktne investicije predstavljaju
veoma znaajan oblik fnansiranja globalne
svetske privrede kao i nacionalnih privreda
individualnih zemalja. Njihova uloga, kao
oblika fnansiranja svetske privrede, naroito
je jaala u drugoj polovini dvadesetoga veka
dok na poetku dvadesetprvog veka one
predstavljaju preovlaujui oblik fnansiranja
nacionalnih privreda zemalja u razvoju i zemalja
u tranziciji. Prema prognozama budueg
kretanja tokova stranih direktnih investicija u
svetu, moe se oekivati da e strane direktne
investicije, odnosno ovaj vid meunarodnog
kretanja kapitala, i dalje biti veoma znaajan
kanal fnansiranja svetske privrede.
Analiza u radu, na nivou globalne svetske
privrede, pokazuje da je najvei deo svetskih
tokova stranih direktnih investicija odlazio
u sektor usluga, a u okviru njega najvie u
fnansijske usluge, u okviru kojih je naroito
raslo investiranje u bankarski sektor. Savremeno
bankarstvo karakterie trend porasta priliva
stranih direktnih investicija u bankarske sektore
zemalja domaina odnosno rasta uea stranog
kapitala i flijala stranih banaka u bankarskim
sektorima zemalja domaina. Analiza
strukture vlasnitva bankarskog sektora
zemalja Evropske unije, SAD i naroito zemalja
Jugoistone Evrope pokazala je da je pojaano
fnansiranje bankarskog sektora ovih zemalja
prilivima stranih direktnih investicija dovelo
do rasta uea stranog kapitala u njihovim
bankarskim sektorima, odnosno do porasta
broja i uloge stranih banaka.
Analiza uloge i znaaja stranih direktnih
investicija kao oblika fnansiranja privrede
Srbije pokazuje da je nakon niskih priliva
ovog kapitala tokom devedesetih godina
dvadesetoga veka, poetkom dvadesetprvoga
veka dolo do postepenog a potom i znaajnog
rasta fnansiranja srpske privrede prilivima
direktnih investicija iz inostranstva. U
narednim godinama, uloga stranih direktnih
investicija kao oblika fnansiranja srpske
privrede znaajno se poveavala. Trend koji
karakterie svetske tokove stranih direktnih
investicija, a to je njihova usmerenost u sektor
usluga, a u okviru njega u fnansijske usluge,
prisutan je i u privredi Srbije. Finansijski sektor
je godinama vodei, a u pojedinim godinama
i najvei primalac direktnih investicija koje
u privredu Srbije dolaze iz inostranstva,
prvenstveno iz zemalja Evropske unije i zemalja
neposrednog okruenja.
Znaajne promene koje je u prvoj deceniji
dvadesetprvog veka pretrpeo sektor bankarstva
u Srbiji ukljuivale su smanjenje ukupnog
broja banaka, kupovine i spajanja banaka,
ukrupnjavanje kapitala banaka kao i ulazak
stranih banaka na domae bankarsko trite.
Politika liberalizacije na polju ulaska stranog
kapitala u privredu Srbije, ukljuujui i
bankarski sektor, rezultirala je u znaajnim
prilivima stranih direktnih investicija u
privredu Srbiju i u okviru nje u bankarski
sektor. Domae, srpske, banke u velikoj meri
Tabela 7. Strane banke u Srbiji i zemlje porekla,
31.03.2012. godine
Zemlja porekla Banka
Austrija
Erste Bank
Hypo Alpe-Adria-Bank
Raifeisen banka
Belgija KBC banka
Francuska
Credit Agricole banka Srbija
Findomestic banka
Societe Generale banka Srbija
Grka
Alpha Bank
Eurobank EFG
Piraeus Bank
Vojvoanska banka
Italija
Banca Intesa
Unicredit Bank Srbija
Kipar Marfn Bank
Maarska OTP banka Srbija
Nemaka ProCredit Bank
Ruska Federacija
Moskovska banka
Volksbank
SAD Opportunity banka
Slovenija
Credy banka
NLB banka
Izvor: NBS, 2012, Bankarski sektor u Srbiji: Izvetaj za I tromeseje 2012.
godine, jul 2012., str. 35 i 36.
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According to the latest data, conclusive with
the frst quarter of 2012, there is a total of 33
banks (Table 6) operating in the banking sector
of Serbia, 21 of them in foreign ownership. It
may be noted that there is a prevailing role of
foreign banks in the banking sector of Serbia
covering 74% of the total banking sector assets,
74% of the total capital, and 70% of all the
workforce employed (which counts over 20500
employees) in the banking sector of Serbia.
Foreign owners of banks operating on the
Serbian market originate from 11 countries:
Austria, Belgium, France, Greece, Italy, Cyprus,
Hungary, Germany, Russian Federation, USA,
and Slovenia (Table 7). The most important
amongst the banks in foreign ownership,
according to the share in total assets of the
banking sector of Serbia, are the ones from Italy,
Austria, Greece and France (Table 6).
Table 6. Selected indicator of the banking sector of Serbia, 2012
Number
of banks
Assets
(%)
Capital
(%)
Employees
(%)
Banks in domestic ownership 12 26 26 30
Banks in foreign ownership
Italy
Austria
Greece
France
Other
21
2
3
4
3
9
74
22
15
15
10
12
74
22
18
15
8
11
70
14
13
18
9
16
Total 33 100 100 100
Source: MBS, 2012, Banking Sector in Serbia: Report for the 1
st
Quarter 2012, July 2012, p. 3.
Table 7. Foreign banks in Serbia and countries of
origin, 31.03.2012
Country of origin Bank
Austria
Erste Bank
Hypo Alpe-Adria-Bank
Raifeisen Bank
Belgium KBC Bank
France
Credit Agricole banka Srbija
Findomestic Bank
Societe Generale banka Srbija
Greece
Alpha Bank
Eurobank EFG
Piraeus Bank
Vojvoanska banka
Italy
Banca Intesa
Unicredit Bank Srbija
Cyprus Marfn Bank
Hungary OTP banka Srbija
Germany ProCredit Bank
Russian
Federation
Moskovska banka
Volksbank
USA Opportunity banka
Slovenia
Credy banka
NLB banka
Source: NBS, 2012, Banking Sector in Serbia: Report for the 1
st
Quarter
2012, July 2012, p. 35 and 36.
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bivaju fnansirane direktnim investicijama
koje preduzimaju velike bankarske kompanije
iz drugih zemalja. To je dovelo do porasta
banaka u stranom vlasnitvu, iji se broj gotovo
udvostruio, tako da one danas ine gotovo
2/3 ukupnog broja banaka na bankarskom
tritu Srbije. Drugi pokazatelji uea stranih
banaka u ukupnoj aktivi, ukupnom kapitalu i
ukupnom broju zaposlenih bankarskog sektora
Srbije, takoe, ukazuju na znaaj priliva stranih
direktnih investicija u bankarski sektor Srbije i
rezultirajuu ulogu stranih banaka.
Moe se zakljuiti da bankarski sektor
Srbije, u aktuelnom periodu, kao rezultat
znaajnih priliva stranih direktnih investicija,
karakterie dominacija stranih banaka i visoka
zavisnost bankarskog sektora zemlje od banaka
u stranom vlasnitvu. Treba imati u vidu da ova
preovlaujua uloga stranih banaka, koje u
velikoj meri kontroliu bankarski sektor zemlje,
nosi sa sobom sve pratee koristi ali i rizike koje
dominacija podrazumeva.
Literatura / References
1. ECB, EU Banking Structure, razne godine
(2005-2008), European Central Bank.
2. Kova, Oskar. Platni bilans i meunarodne
fnansije. Beograd: CES MECON, 1994.
3. NBS, 2012, Bankarski sektor u Srbiji: Izvetaj za
I tromeseje 2012. godine, jul 2012.
4. NBJ, 2000, Godinji izvetaj 2000, NBJ,
Beograd, 2000.
5. NBS, 2004, Godinji izvetaj 2004, NBS,
Beograd, 2004.
6. NBS, 2008, Godinji izvetaj 2008, NBS,
Beograd, 2008.
7. NBS, 2009, Godinji izvetaj 2009, NBS,
Beograd, 2009.
8. NBS, 2010, Godinji izvetaj o poslovanju i
rezultatima rada 2010, NBS, Beograd, 2010.
9. NBS, 2008, Izvetaj o stanju u fnansijskom
sistemu 2008, NBS, Beograd, 2008.
10. NBS, 2012, Internet, htp://www.nbs.rs/
internet/cirilica/80/platni_bilans.html,
19/07/2012;
11. NBS, 2012, Internet, htp://www.nbs.rs/
export/sites/default/internet/latinica/80/
ino_ekonomski_odnosi/platni_bilans/fdi_
delatnosti_11.xls, 29/07/2012.
12. OECD, 2008, Bank Proftability, Financial
Statements of Banks 1996-2005, OECD.
13. Roxburgh, Charles, Lund, Susan and John
Piotrowski. Mapping Global Capital Markets
2011. McKinsey Global Institute, August
2011.
14. UNCTAD database, Internet, htp://unctad.
org/Sections/dite_dir/docs/WIR11_web%20
tab%2024.xls, 28/07/2012.
15. UNCTAD, 2007, World Investment Report
2007, UN, New York and Geneva.
16. UNCTAD, 2008, World Investment Report
2008, UN, New York and Geneva.
17. UNCTAD, 2010, World Investment Report
2010, UN, New York and Geneva.
18. UNCTAD, 2011, World Investment Report
2011, UN, New York and Geneva.
19. UNCTAD, 2012, World Investment Report
2012, UN, New York and Geneva.
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Conclusion
Foreign direct investments are a very
signifcant form of fnancing global world
economy and the national economies of
individual countries. Their role, as a form of
fnancing world economy, especially grew in
the second half of the 20
th
century, while at the
beginning of the 21
st
century they became the
prevailing form of fnancing national economies
of the developing countries and countries in
transition. According to the projections for
future fows of foreign direct investments in
the world, it is to be expected that the foreign
direct investments, i.e. this form of global
capital movement, will still remain to be a
very signifcant channel for fnancing world
economy.
The analysis presented in this paper, at the
level of global world economy, shows that the
major part of the world fows of foreign direct
investments was channeled in the sector of
services, and there within mostly to the fnancial
services where especially growth was observed in
the investment into the banking sector. Modern
banking is characteristic for growth trend in
the infow of foreign direct investments in the
banking sector of the host country, i.e. growth
in the share of foreign capital and afliates
of foreign banks in the banking sectors of the
host countries. The analysis of the ownership
structure of the banking sector in the countries
of the European Union, USA, and especially
countries of the South East Europe, shows that
an intensifed fnancing of the banking sector
of these countries through the infow of foreign
direct investments brought about growth in
the share of foreign capital in their respective
banking sectors, i.e. caused the growth of the
number and role of the foreign banks.
The analysis of the role and importance of
foreign direct investments as a form of fnancing
the economy of Serbia shows that after low
infows of this capital during the 1990s, by the
beginning of the 21
st
century, there was frstly a
gradual and then a substantial growth of infows
from foreign direct investments in fnancing of
the Serbia economy. Over the subsequent years,
the role of foreign direct investments as a form
of fnancing Serbian economy was signifcantly
strengthened. The trend characteristic for the
world fows of foreign direct investments, i.e.
their focus on the sector of services and within
this sector on fnancial services, was also
present in the economy of Serbia. Financial
sector has been for years the leading recipient
of direct foreign investments, and in some years
even the largest one, which were arriving in
the economy of Serbia from abroad, primarily
from the countries of the European Union and
countries in close proximity.
Important changes experienced by the
banking sector of Serbia in the frst decade of
the 21
st
century involved the reduction of the
total number of banks, acquisitions and mergers
of banks, enlargement of the banks capital, and
the advent of foreign banks on the domestic
banking market. Policy of liberalization in
the feld of venture of the foreign capital in
the economy of Serbia, including its banking
sector, resulted in signifcant infow of foreign
direct investments in the Serbian economy, and
there within into the banking sector. Domestic
Serbian banks to a great extend started being
fnanced through foreign direct investments
undertaken by the large banking companies
from other countries. This caused the growth
in the number of banks in foreign ownership,
when their number almost doubled, so that to
date they make up for almost 2/3 of the total
number of banks on the banking market of
Serbia. Other indicators of the share of foreign
banks in the total assets, total capital and the
total number of staf employed in the banking
sector of Serbia, show how important is the
infow of foreign direct investments in the
banking sector of Serbia and the resulting role
of the foreign banks.
It may be concluded that the banking
sector of Serbia, in the current period, as a
result of substantial infow of foreign direct
investments, is characteristic for the prevalence
of foreign banks and a high dependency of
the banking sector of the country on banks
in foreign ownership. It should be noted that
this predominant role of foreign banks, which
are greatly in control of the banking sector
of the country, is carrying in itself all the
complementary benefts but also risks which
the dominance implies.