Successful Recipient of Foreign Direct Investment
| The Slovakian banking and finance sector is a visible sign of the benefits of inward investment. Always healthy even before a major restructuring and privatization process between 1998 and 2000, the banking sector continues to thrive. |
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ost of the major banks are now foreign-owned, with a resulting upgrade in the variety and quality of services available to consumers.
The nation’s central bank is the National Bank of Slovakia, founded in 1993 and headquartered in Bratislava. It is responsible for setting monetary policy, issuing the currency – the Slovak koruna (Skk) – and supervision of the banking sector. Bratislava is also home to the country’s stock exchange. Taxation in Slovakia been harmonized to meet EU standards. Foreign investors can receive excellent service and advice from the thriving Slovakian consulting sector. |
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KPMG
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PMG, one of the global leading providers of assurance, tax and legal, and financial advisory services – specializing in applying knowledge, building relationships and adding value for clients – has enjoyed dynamic growth in Slovakia since opening its first branch office in Bratislava in 1992. Originally a branch of the Prague office, and a separate entity since 1993, KPMG Slovakia is part of the formidable KPMG Central and Eastern Europe group, providing world-class cross-border services throughout the region.
KPMG Slovakia provides the same high quality, professional services for which the firm is renowned worldwide. KPMG Slovakia has more than 215 staff, including 11 partners, providing services in Slovak, English, German, French, Italian, Dutch and other Eastern European languages. The firm has significant experience in local and international transactions and is well positioned to advise clients on a variety of tax, legal, assurance, risk management and operational issues.
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“We create added value and competitive advantage.”
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Building on its traditional core business of audit and compliance work, KPMG has expanded into a comprehensive professional advisory firm, providing tailored, industry-specific services to meet clients’ needs and expectations, whether they are local or multinational. KPMG’s client base in Slovakia includes some of the largest companies and public entities operating in the country.
Senior Partner Michele Lodi-Fe has been with KPMG for more than 20 years and worked in many different countries. He points out that the firm always specializes by sector. “In all our services, we focus on the country’s most important market segments,” he explains.
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Michele Lodi-Fe
Senior Partner
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In Slovakia, that approach has produced a broad client mix. In the financial sector, clients include banks, insurers and real estate businesses. In industry, KPMG is a specialist in the automotive sector, energy, power and natural resources, and in consumer markets, it has many clients in food and retail. “KPMG’s market position is the result of our consistent focus on the aspects that are most important for the client: the creation of added value and competitive advantage,” says Lodi-Fe.
He believes that Slovakia will benefit greatly from the forthcoming EU accession. “We look forward,” he says, “to providing our clients with the necessary support to fully exploit the new opportunities this change will bring. Slovakia is a country with enormous potential, undergoing numerous changes, and striving to be attractive to foreign investors. Recently the Minister of Finance has proposed a radical reform of the tax legislation effective in 2004, introducing, amongst many other changes, also a flat rate of tax at 20% for corporate and personal income taxes as well as VAT. If approved by Parliament this would be an extremely interesting development for potential investors.”
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KPMG (back)
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Mostova 2
811 02 Bratislava
Tel.: +421 2 59 984 111
Fax: +421 2 59 984 222
www.kpmg.sk
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