Advisory Board

Vladimir Čupić

Vladimir Čupić



Vladimir Čupić

Date of birth

October 24th, 1966.


Republic of Serbia


Faculty of Economics, 1990. – 1996, University of Belgrade, Serbia

Key qualifications


My experience encompasses general management of financial, state and consultancy institutions and projects, privatization, corporate strategies development, valuation, restructuring and reorganization of enterprises. On the above-mentioned positions and projects, I have been engaged in the region of former Yugoslavia as well as in the Central and Eastern Europe.


Professional experience

Currently Director, Business Development, Ernst & Young, Belgrade, Serbia
End of May I took over the position of the Director in charge of Business Development with Ernst & Young responsible for creating new opportunities and businesses in M&A, Management Consulting and Tax and Audit.

July 2020 – May 31, 2021


CEO, ALTA Banka a.d. Beograd

ALTA Banka is a small bank specialized in business with corporate clients. The bank serves a full range of commercial clients, however, retail business representing a smaller portion of total exposure and revenues. The Bank is currently in restructuring phase, overhauling its operations to accommodate larger number of small corporates and retail. My task is to create and implement new strategic approach which will lead to sustainable and profitable operations, identify and develop new retail activities focusing on sale channels and product quality, improve existing IT infrastructure and upgrade to digital solutions.

Apart from general responsibility for Bank’s operations, I am specifically in charge of Legal, Payment Services, IT, Treasury Back Office, Compliance, Internal Audit, IT Security.

July 2017. - July 2020.


Director, Atlantic Grupa, Representative Office in Serbia

Upon the invitation of the management of Atlantic Grupa, I moved back to my previous position, where I have continued representing Atlantic Grupa in all professional associations, starting over from Serbian Chamber of Commerce, over National Alliance for Local Economic Development, American Chamber of Commerce and others. Further to that I was in charge of relations with various government ministries and agencies, working groups and task forces as well as specific government officials. The major objective was to monitor and impact regulatory environment in Serbia with purpose to assist in securing transparent and even levelled playfield for all investors on Serbian market with special focus on areas of particular interest of Atlantic Grupa businesses.

June 2016. – June 2017.

CFO, Victoria Group, Belgrade, Serbia

I was invited by Mr. Miljan Ždrale from EBRD and Mr. Milija Babović to take over the role of Chief Financial Officer of the Group with special task to negotiate and agree the debt restructuring of the Group.

Aside from this task, daily activities included financial management of the Group and subsidiaries, liquidity management in significant liquidity squeeze the Group was exposed to and negotiating and agreeing the Working Capital Facility (WCF) with international banks.

I have reorganized the financial department, designed and implemented new reporting and planning tools, fully redesigned and redefined business plans of the Group, successfully negotiated and closed WCF in the amount of close to EUR 50 M, cleaned the balance sheet and reduced unrealistically booked values, negotiated and signed the restructuring term sheet with the panel of 8 local and international banks at the amount of EUR 280 M.

May 2015. - May 2016.

Director, Atlantic Grupa, Representative Office in Serbia

I was invited by Mr. Tedeschi to join Atlantic Grupa as Director of the Representative Office in Serbia.

My role in Atlantic Grupa in Serbia was to establish recognition of the Group in government institutions, establish liaison network in various government ministries and bodies with objective of presenting Atlantic view of regulatory and operating issues. In addition, my position included establishment of relations to key media and professional organizations enhancing the visibility of Atlantic Grupa and its Serbian and global operations as well as integration of common activities of individual companies in Serbia and joint approach to institutions and organizations related to Groups field of operations.

June 2013. – April 2015.

CEO, AIK Banka a.d. Niš, Belgrade, Serbia

I joined AIK Banka in June 2013 with objective to structure the new management team from the level of the Executive Board down do divisional managers. Initial responsibilities included corporate and public sales, legal affairs, compliance and AML functions, internal audit, human resources and PR and marketing.

I have assembled a brand-new Executive Board team comprising experienced managers. The new management team of AIK Banka initiated and implemented a full scope turnaround project of the Bank which included preparation of new strategic approach; Design and implementation of new organization model; Review and assessment of overall financial position, loan and foreclosed property portfolio; Introduction of professional HR management; Restructuring of treasury operations; Design and implementation of new risk management systems; Corporate and public finance sales model and organization was redesigned implementing client management model and segregating sales function per client size and regional presence and new IT systems were designed and implemented (DR, BCP…).

December 2006. – May 2013.

CEO, Hypo Alpe Adria Bank a.d. Beograd

The responsibilities included corporate and public finance sales, legal affairs, compliance and AML functions, internal audit, human resources and PR and marketing. The Bank was brought to one of the leading institutions in Serbia with market shares among top five banks in all aspects.

I was in charge of setting up and running the local teams for comprehensive organizational changes together with management and experts from Bayerische Landes Bank. Changes specifically encompassed establishment of new sales and risk management models, redesign of compliance and AML systems and practices and changes in other supporting functions.

I was appointed as a Country Responsible, overseeing the operations of the Bank, Leasing and Rent businesses. I have also been given task of designing and implementing the relocation of bad portfolio of leasing, rent and bank into a SPV (the “Brush” Project). The project was successfully set up and implemented resulting in transfer of 200 M Euro of NPLs from the Bank and more than 300 M Euro from leasing and rent operations.

May 2003. –

December 2006.

Member of the Executive Board, Hypo Alpe Adria Bank a.d. Beograd

In May 2003. I took over the position of the Member of the Board of Hypo Alpe Adria Bank in Belgrade, a Serbian Subsidiary of Hypo Alpe Adria International. I was formally in charge of the establishment, development and management of several functions including corporate banking, treasury, legal, organization and IT, accounting, internal audit.

Initial tasks included structuring the banking team, establishing and managing the work of defining organizational structure and procedure flows in the Bank, organizing the work on product definition, service standards and risk management

Additional tasks included organization and implementation of measures of Bank’s strategic positioning on the Serbian market and defining Bank’s strategic 5 year plan and establishing and maintaining contacts with relevant parties.

January – May 2003.

Executive Director for Privatization, Privatization Agency, Republic of Serbia

In the process of reorganization of the Privatization Agency the Ministry of Economy and Privatization appointed Executive Director for the Privatization in charge for the tenders, auctions, restructuring and capital market. The responsibilities encompass management of the tender privatization, auctions, restructuring and capital market teams within the PA, planning and budgeting for the operating segment of the PA, further capacity building of the privatization teams, coordination of activities between various segments of the PA.

July 2001. –

December 2002.

Director, Privatization Agency, Republic of Serbia

After the revolution of 5th of October 2000, the new government, elected in December initiated an overhaul of full set of legislation dealing with business environment, one of which was The Law on Privatization. I was invited by the Prime Minister at the time, Mr. Zoran Djindjic and Minister for Privatization and Economy, Mr. Aleksandar Vlahovic to join the economic team and take over the position of the Director of Privatization Agency. The task encompassed series of activities, from setting up the legislative foundation, establishing Agency team, processes and procedures and initiatie and develop the sale process. While on this position the Privatization Agency sold 274 companies raising total of 345 million euro cash and 302 million euro in investment commitments. The responsibilities included management of the operating and support functions of the PA, strategic and tactical management of the privatization process, establishing and developing relations with the relevant ministries and FRY and RoS governmental agencies, communication and negotiations with international financial institutions and multilateral and bilateral donor organizations, media appearances and communication.

April - July 2001.

Advisor to the Minister, Government of the Republic of Serbia, Ministry of Economics and Privatization

In the Ministry for Privatization I was engaged as an advisor to the Minister responsible for the negotiations with World Bank delegations about the final text of the Donation Agreement for technical support in projects of development of the private sector and social security and co-ordination of activities in implementing these agreements, formulation of certain articles from the text of the Privatization Law and the Law on the Privatization Agency, writing of the Guidance for compilation of the restructuring for reprogramming debts in the Program of regulation of internal debts for the Ministry of Finance, Republic of Serbia, coordination of activities in donator organizations for offering technical assistance and support throughout the privatization process and coordination of activities for establishing the Privatization.

1997. – 2001.

Manager in Charge, Deloitte & Touche Belgrade, Yugoslavia

As a part of the engagement in Deloitte & Touche, I managed and participated as a member of a team in more than 30 privatization projects and negotiations with investors, capital evaluations, restructuring and reorganization of enterprises, as well as formulating strategies for foreign and domestic Clients.


Membership in various organizations

February 2018. - February 2020.


Untitled Governor of the American Chamber of Commerce in Serbia

In the Board I have taken the role of sponsoring and monitoring the activities of Trade Facilitation Committee, providing inputs in all activities pertaining to domestic and international trade, customs procedures and practise, regulatory improvements etc.

January 2018. to date


Chairman of the Food and Agriculture Council of NALED

We have successfully participated in providing industry inputs to amendments of the Law and Food Safety, produced together with Ministry of Agriculture Food Declaration Guidelines, promoted public private dialogue in the area of food production and agriculture, and provided mentoring to three associations specially selected as pilots in promoting public private dialogue.

Since 2014.

Member of the Supervisory Board Serbia

2009. - 2013.


Chairman of the Board of Directors of National Alliance for Local Economic Development (NALED)

NALED had a significant growth under my presidency. We have expanded membership base from 70 to 170 members; strengthened dialogue among members; tripled annual operating budget; grown Executive office and staff capacity; introduced external audit in financial reporting; strengthened Managing Board; developed a five-year business plan to secure sustainability; increased visibility and media presence and positioned NALED as an unbiased monitor of government performance and a source of policy recommendations.

2009. - 2010.

Vice Chairman of the Finance Committee of the American Chamber of Commerce in Serbia

2009. - 2013.

Member of the Board of Directors of Serbian Association of Managers SAM

2008. - 2009.

Chairman of the Banking and Insurance Committee of the Serbian Chamber of Commerce

2007. - 2009.

Member of the Board of Directors of Serbian Tennis Association

Since 2006.

Member of Serbian Business Club Privrednik

Since 2006.

Member of the Board of Directors of Association of Serbian banks

2006. - 2009.

Chairman of the Finance Committee of the American Chamber of Commerce in Serbia

2004. – 2008.

Member of the Board of Governors of the American Chamber of Commerce in Serbia

Since 2003.

Member of the Board of Serbian Economists Association

Since 2003.

Member of the Business Advisory Council for South Eastern Europe


Most recent courses

Creating Future – Modules 1-3 - BLED School of Management, Bled, Slovenia, 2011. And 2012.

Program included general management techniques and practices, focused on change management and human capacity management, and building in crisis situations. Special segments of the program were dedicated to development and implementation of turnaround strategies with both theoretical background and case studies.


Business Risk Analysis & Corporate Finance - Hypo Alpe – Adria - Bank International AG, Klagenfurt, Austria, 2010

Risk analysis and Corporate Finance Course were organized by Korn and Korn from Germany with attention to overall financial assessment of corporate clients. Program encompassed financial analyses tools and systems, cash flow forecasting and modelling and development of practical tools for assessment of soft facts relevant to establishment of debt capacities and lending limits.


Most recent seminars

· Regional Finance & Investment Conference for Southeast Europe - Euromoney Trading Limited

· Fourth Round Table with the representatives of the Serbian Government - Ekonomist Media Group, Belgrade, Serbia, 2010

· Central Banks’ Governor Summit - EMG, Montenegro, 2010

· Round Table: Vienna Convention – a year after and what about the future! - Economist Media Group, Belgrade, Serbia, 2010


Most recent scientific works and lectures (e.g. Publications)

· Microeconomic Fundamentals (of the Structural Changes) of the Serbian Economy in the Period 2007-2011. and Forthcoming Challenges

· Financial Integration and Access to Finance in Transition Economies: A Sectoral Approach, 2010.

· Dynamism of the Economy in the New Model of Growth, 2011.

· Growth in conditions of global recession and financial crisis: (non)conventional initiatives, 2009.

· “Are the Existing Methods of Risk Management Effective in the Banking Activities?”, 2009.

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