OCDE - Strengthening capital markets in Bosnia and Herzegovina

OECD Global Relations Policy Papers Strengthening capital markets in Bosnia and Herzegovina Volume 2026, Issue 52 

STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

Capital markets are a critical yet underutilised lever for strengthening private sector development in Bosnia and Herzegovina . In an economy where access to finance remains a key constraint , particularly for small and medium-sized enterprises (SMEs) , developing market-based sources of finance offers an important opportunity to diversify funding, support innovation and enable firms to scale. However, capital markets in Bosnia and Herzegovina remain shallow and fragmented, limiting their ability to effectively serve the needs of a modern, growth-oriented private sector. This policy note, developed under the EU for Private Sector Development in Bosnia and Herzegovina, examines the current state of capital markets in Bosnia and Herzegovina, highlighting key structural challenges in leveraging them to enhance businesses’ access to finance. Drawing on OECD analysis and stakeholder consultations, it identifies priority areas for reform and outlines several policy recommendations to support integrated, inclusive and functional capital markets.

Keywords: private sector development; economic convergence; capital markets

JEL codes: G10; G20; G28; O16

Contact Umur GÖKÇE ( umur.gokce@oecd.org). Stephanie LIZZO (( stephanie.lizzo@oecd.org). Abstract 3

STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

This work is issued under the responsibility of the Secretary-General of the OECD, and does not necessarily reflect the official views of OECD Member countries. This document was produced with the financial assistance of the European Union. The v iews expressed herein can in no way be taken to reflect the official opinion of the European Union.

This work is issued under the responsibility of the Secretary-General of the OECD, and does not necessarily reflect the official views of OECD Member countries. This document was produced with the financial assistance of the European Union. The v iews expressed herein can in no way be taken to reflect the official opinion of the European Union. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.

Photo credits: Cover © Dudarev Mikhail/Shutterstock.com.

© OECD 2026

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STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

This policy paper was prepared by the South East Europe Regional Programme of the OECD Global Relations and Co-operation Directorate (GRC), with the financial support of the European Union . The paper was produced under the guidance of Marzena Kisielewska, Head of the OECD S outh East Europe Division. The lead authors were Cameron Gethings, Umur Gökçe and Steph anie Lizzo (OECD South East Europe Division ). It benefited from lead review by Daniel Quadbeck and Francesco Alfonso (OECD Eurasia Division), as well as inputs from Alejandra Medina, Carl Magnus Magnus son and Gülgün Arikan (OECD Capital Markets and Financial Institutions Division). This paper builds on analysis and insights gathered through the development of the rep ort, Assessing Bosnia and Herzegovina’s Reform Agenda for Private Sector Development. The OECD extends its sincere gratitude to the government officials who played a strong co-ordinating role in f acilitating the collection of data and inputs underpinning this work: Level of government Co-ordinator Institution State-level Brankica Pandurević Ministry of Foreign Trade and Economic Relations of Bosnia and Herzegovina Una Morankić Directorate for the European Integration of Bosnia and Herzegovina Federation of Bosnia and Herzegovina Izudina Smajkić Ministry of Development of Entrepreneurship and Craftsmanship of the Federation of Bosnia and Herzegovina Sanela Čičić Office of the Prime Minister of the Federation of Bosnia and Herzegovina Republika Srpska Aleksandra Klipa Ministry of European Integration and International Co-operation of Republika Srpska

Herzegovina Sanela Čičić Office of the Prime Minister of the Federation of Bosnia and Herzegovina Republika Srpska Aleksandra Klipa Ministry of European Integration and International Co-operation of Republika Srpska Vedran Mirkovic Ministry of Economy and Entrepreneurship of Republika Srpska Brčko District of Bosnia and Herzegovina Amra Abadžić Department for Economic Development, Sports and Culture Branislav Maric Department for European Integration and International Co-operation The paper draws on discussions held during a series of meetings titled “Supporting Economic Reforms to Strengthen Private Sector Development in Bosnia and Herzegovina”, organised between 10 and 12 March 2026 under the EU for Private Sector Development in Bosnia and Herzegovina project. The OECD is grateful to the representatives from the private sector, financial sector and regulatory au thorities who contributed their insights and practical perspectives, including: Nikolina K ršić, Head of Supervision Department, Securities Commission of Republika Srpska; Dragan Kajkut, Executive Di rector, Investment Fund Management Company Management Solutions Ltd.; Mirsad Jašarspahić, President, Chamber of Economy of the Federation of Bosnia and Herzegovina; Almir Mirica, Executive Director, Sarajevo Stock Exchange; and Amra Hadžiavdagić-Hasečić, Consultant in the Supervision Sector, Securities Commission of the Federation of Bosnia and Herzegovina. Acknowledgements 5

STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

We would also like to thank our project partners for their engagement throughout the prep aration of this publication. In this regard, we extend our thanks to Vesna Grković and Aida Soko from the Delegation of the European Union to Bosnia and Herzegovina for their support. The OECD further acknowledges the valuable review and technical inputs provided by Jasmin Gabela and

publication. In this regard, we extend our thanks to Vesna Grković and Aida Soko from the Delegation of the European Union to Bosnia and Herzegovina for their support. The OECD further acknowledges the valuable review and technical inputs provided by Jasmin Gabela and Erna Kurtović (Enova Consultants and Engineers). This paper was prepared for publication by Meral Gedik.6 

STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

Table of contents Abstract 2

Disclaimer 3 Acknowledgements 4 Abbreviations and acronyms 8 Executive summary 9 Capital markets in Bosnia and Herzegovina remain underdeveloped, shaped by a split institutional architecture that constrains market depth and integration. 9 Corporate bond markets are similarly shallow and concentrated, while the institutional investor base remains minimal. 9 Household participation is held back by a legacy of mistrust, limited financial literacy and income pressures. 10 Private equity and early-stage financing ecosystems are virtually non-existent, le aving highgrowth firms without access to the risk capital they need. 10 Addressing these structural weaknesses requires co-ordinated reform across regulatory, institutional and market dimensions. 10 1 The role of capital markets in private sector development 11 Why are capital markets important for businesses in Bosnia and Herzegovina? 13 2 Assessing capital market development in Bosnia and Herzegovina 17 Public equity market 17 Corporate bond market 20 Private equity and early-stage financing 23 3 The way forward: Priorities for capital market development in Bosnia and Herzegovina 25 The public equity and corporate bond markets 25 Institutional investors 27 Households as investors 28 The private equity market 29 The corporate sector 30 Further reading 31 References 32 Notes 36 7

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FIGURES

The private equity market 29 The corporate sector 30 Further reading 31 References 32 Notes 36 7

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FIGURES Figure 1. Domestic credit to the private sector in Bosnia and Herzegovina, USD and share of GDP (20142024) 13 Figure 2. Bank non-performing loans in Bosnia and Herzegovina (2014-2023) 14 Figure 3. Business demography indicators in Bosnia and Herzegovina (2020, 2024) 15 Figure 4. Turnover and value added per person employed (BAM) by size of enterprise, 2024 16 Figure 5. Market capitalisation in Bosnia and Herzegovina versus the EU (2015-2024) 18 Figure 6. Corporate bond issuance on SASE and BLSE (2024-2026) 21

TABLES Table 1. Overview of capital market instruments 11 Table 2. Incentives for retail investment in FBiH and RS 20

BOXES Box 1. Investor confidence in capital markets in Bosnia and Herzegovina 19 Box 2. Reaching retail investors through sovereign savings bonds in RS 22 Box 3. Encouraging sustainable finance: Western Balkans Six Green Bond Standard 23 Box 4. Integrated stock exchange infrastructure in Spain 25 Box 5. Fiscal incentives for institutional investors in the Netherlands 27 Box 6. Retail bond programme in Slovenia 28 Box 7. Financial incentives to stimulate angel investment: Germany’s INVEST programme 29 Box 8. Family firms and dual-class shares 308 

STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

AIF Alternative investment fund AIFMD Alternative Investment Fund Managers Directive BAM Bosnia and Herzegovina convertible mark BLSE Banja Luka Stock Exchange CBAM Carbon Border Adjustment Mechanism CO₂ Carbon dioxide

AIF Alternative investment fund AIFMD Alternative Investment Fund Managers Directive BAM Bosnia and Herzegovina convertible mark BLSE Banja Luka Stock Exchange CBAM Carbon Border Adjustment Mechanism CO₂ Carbon dioxide EET Exempt-Exempt-Taxed EMDE Emerging market and developing economies ESG Environmental, social and governance EU European Union EUR Euro FBiH Federation of Bosnia and Herzegovina G20 Group of Twenty GBS Green Bond Standard GDP Gross domestic product IMF International Monetary Fund IPO Initial public offering MTF Multilateral trading facilities NPLs Non-performing loans OECD Organisation for Economic Co-operation and Development RS Republika Srpska SASE Sarajevo Stock Exchange SMEs Small and medium-sized enterprises USD U.S. dollar VC Venture capital WB6 Western Balkan 6

Abbreviations and acronyms 9

STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

Creating conditions for businesses to use capital markets is crucial for Bosnia and Herzegovina, where the bank-dominated financial system does not adequately meet the financing ne eds of the private sector . Banks account for more than 90% of total financial sector assets, while 57% of firms identify access to finance as a key barrier to scaling up. Domestic credit to the private sector has declined as a share of GDP, from around 60% in 2014 to 48% in 2024, well below the EU average of 76%. This reflects an economy growing faster than with which its financial system can keep pace. Household deposits, meanwhile, are reaching record levels, pointing to a substantial pool of do mestic savings that a more active capital market could channel toward productive investment. Against this backdrop, developing deeper and more dynamic capital markets is not only a financial sector objective but a prerequisite for the private sector, and small and mediumsized enterprises

deposits, meanwhile, are reaching record levels, pointing to a substantial pool of do mestic savings that a more active capital market could channel toward productive investment. Against this backdrop, developing deeper and more dynamic capital markets is not only a financial sector objective but a prerequisite for the private sector, and small and mediumsized enterprises (SMEs) in particular, to invest, grow and compete effective ly. As Bosnia and Herzegovina advances its EU integration ambitions, the development of capital markets also carries broader strategic significance: deeper, better-regulated markets will be essential for the economy to integrate effectively into the EU Single Market, meet the standards expected of acceding economies, and attract the investment needed to sustain long-term competitiveness. Capital markets in Bosnia and Herzegovina remain underdeveloped, shaped by a split institutional architecture that constrains market depth and integration. Public equity markets are split across two entity-level stock exchanges, each characterised by low capitalisation, limited liquidity and a shrinking active issuer base. Market c apitalisation stood at around 22% of GDP in FBiH and 30.6% in RS in 2024, with 565 total listings that largely reflect the legacy of mass privatisation rather than active capital-raising activity. Delistings continue to outpace new listings, and a substantial proportion of listed firms are not actively traded. The planned establishment of a third exchange in Brčko District risks further fragmenting an already small and illiquid m arket unless accompanied by robust co-ordination and harmonisation measures. Corporate bond markets are similarly shallow and concentrated, while the institutional investor base remains minimal. Issuance is largely confined to repeat issuers, primarily non-bank financial institutions, with relatively small transaction sizes. Structural barriers, including prospectus obligations, mini mum subscription thresholds and a narrow broker base, limit market access. The absence of a developed institution al investor base, particularly voluntary pension funds, limits the development of domestic bon d markets. In fact, voluntary pension frameworks have existed since 2017 in both entities, but development has be en highly uneven:

and a narrow broker base, limit market access. The absence of a developed institution al investor base, particularly voluntary pension funds, limits the development of domestic bon d markets. In fact, voluntary pension frameworks have existed since 2017 in both entities, but development has be en highly uneven: while RS has recorded consistent growth, reaching nearly 38 000 members and BAM 53 million (EUR 27.1 million) in assets by 2025, no voluntary pension fund has yet become operational in FBiH. Executive summary10 

STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

Household participation is held back by a legacy of mistrust, limited financial literacy and income pressures. Public mistrust in the financial sector among citizens also contributes to low participation in and liquidity of capital markets. As part of post-war privatisation programmes, citizens received shar es in former stateowned enterprises, but many experienced losses or saw little tangible benefit from ow nership. Significant allegations and ongoing investigations concerning capital market manipulation in the FBiH have further eroded trust. Both entities offer various fiscal incentives to foster citizens’ participation, but limited financial literacy and low disposable income —driven in part by high social security contributions (17% of gross salary in the FBiH and 18.5% in RS, compared to an OECD average of 7.2%) —reduce voluntary investment, including in pension schemes. Private equity and early-stage financing ecosystems are virtually non-existent, leaving high-growth firms without access to the risk capital they need. Venture capital investment amounted to just EUR 2.6 million in 2024, well below peer economies, with no investments recorded in 2025. Angel investing has yet to emerge, while the legal fram eworks governing private equity remain fragmented across entities and underdeveloped in the FBiH. Bosnia and Herzegovina’s large diaspora— over 1.6 million people abroad, representing around 34% of the population—remains an underutilised source of investment capital, particularly for private equity and venture financing.

private equity remain fragmented across entities and underdeveloped in the FBiH. Bosnia and Herzegovina’s large diaspora— over 1.6 million people abroad, representing around 34% of the population—remains an underutilised source of investment capital, particularly for private equity and venture financing. Addressing these structural weaknesses requires co-ordinated reform across regulatory, institutional and market dimensions.

Priority actions include: • Harmonise stock exchange frameworks and ensure structured co-ordination around new market infrastructure, including the planned Brčko District exchange, to consolidate liquidi ty and improve conditions for issuers and investors across entities. • Simplify corporate bond issuance procedures , especially for SMEs, and expand structured advisory and capacity-building services to improve firm-level readiness to access market-based financing. • Develop the institutional investor base by resolving regulatory barriers preventing voluntary pension funds from becoming operational in the FBiH, and reviewing and strengtheni ng existing incentives in RS, including broadening auto-enrolment beyond the public sector. • Broaden retail participation through tax-advantaged investment products, expanded sovereign retail debt programmes building on RS's 2025 savings bond experience, and sus tained efforts to restore investor confidence and improve financial literacy. • Develop the private equity ecosystem through regulatory reform, market-compatible financial incentives for angel investment, and partnerships with international donors to addres s the significant gap in early-stage and growth financing. 11

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Capital markets support economic growth by enabling businesses to access the necessary funding for investment, expansion and innovation. By mobilising savings and channelling them into productive activities, they provide companies with long-term financing instruments that faci litate structural transformation and underpin sustainable development. Their contribution to economic growth is particularly evident in the financing of innovation, which in turn drives competitiveness (OECD, 2025 [1]). Developing and commercialising new technologies requires substantial upfront investment, often characterised by high risk and long time horizons that exceed

transformation and underpin sustainable development. Their contribution to economic growth is particularly evident in the financing of innovation, which in turn drives competitiveness (OECD, 2025 [1]). Developing and commercialising new technologies requires substantial upfront investment, often characterised by high risk and long time horizons that exceed the appetite of traditional bank lending. In contrast, capital markets can mobilise large-scale funding from a broad and diverse investor base, making them especially well-suited to support ambitio us, innovationdriven ventures. Beyond innovation, well-developed capital markets also enhance the resilience of firms and the broader economy. In the aftermath of the 2008 financial crisis, access to capital market-based financing enabled many businesses to withstand temporary shocks and meet their obligations to employees, creditors and suppliers. A similar dynamic emerged during the COVID-19 pandemic, when capital markets played a critical role in alleviating liquidity pressures and minimising defaul ts and bankruptcies. In 2020, global corporate bond issuance reached a record USD 2.9 trillion; moreover, during the third quarter, public equity markets experienced a surge in capital-raising activity compared to the previous five-year average (OECD, 2021[2]). These episodes underscore the stabilising function of capital markets during periods of systemic stress. The capital market landscape can be broadly categorised into several key segments and financing instruments (outlined in Table 1). Table 1. Overview of capital market instruments Public equity Listed securities Common and preferred stocks admitted to trading on regulated exchanges. These require rigorous adherence to international financial reporting standards (IFRS/GAAP). Common stock Standard equity ownership in a publicly traded company that provides voting rights and residual claim on profits. Common shareholders participate in company growth through price appreciation and dividends but are last in priority in liquidation. Preferred stock Hybrid equity instrument that typically pays a fixed dividend and has priority over common stock in dividend payments and liquidation. Preferred shareholders usually do not have voting rights but receive more stable income characteristics Private equity Institutional private equity

priority in liquidation. Preferred stock Hybrid equity instrument that typically pays a fixed dividend and has priority over common stock in dividend payments and liquidation. Preferred shareholders usually do not have voting rights but receive more stable income characteristics Private equity Institutional private equity Large-scale capital pools managed by firms to acquire significant stakes in private companies, often involving operational restructuring or leveraged buyouts. Venture capital (VC) Institutional seed-to-late-stage financing provided to high-potential startups. VC firms typically invest pooled thirdparty funds in exchange for minority equity. 1 The role of capital markets in private sector development12 

STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

Angel investing Early-stage capital provided by high-net-worth "accredited investors" using personal funds. This often bridges the gap between pre-seed funding and formal institutional VC rounds. Corporate debt Corporate bonds Fixed-income securities issued under a bond indenture, representing a contractual debt obligation with specified maturity and coupon rates. Sustainable finance Thematic debt instruments (green, social or sustainability-linked bonds) where proceeds are contractually earmarked for projects with verified ESG impacts Private credit Institutional debt capital provided by non-bank investors to private companies through directly negotiated loan agreements, typically involving illiquid, non-traded instruments structured outside public debt markets. Syndicated loans Large corporate loan facilities arranged by one or more lead banks and distributed among a group of participating lenders to finance sizeable transactions such as acquisitions, refinancing, or capital expenditures.

Source: Adapted from (OECD, 2024[3]; OECD, 2015[4]).

Public equity markets have expanded markedly in recent years. Between 2017 and 2023, global market capitalisation increased from USD 84 trillion to USD 117 trillion, whi le the number of listed companies rose from approximately 41 000 to over 42 500 (OECD, n.d. [5]). Moreover, the same period

market capitalisation increased from USD 84 trillion to USD 117 trillion, whi le the number of listed companies rose from approximately 41 000 to over 42 500 (OECD, n.d. [5]). Moreover, the same period witnessed the expansion of dedicated growth market segments, which are typically us ed by smaller and early-stage enterprises. Between 2019 and 2023, initial public offerings (IPOs) on growth markets significantly outpaced those on main markets (OECD, 2025 [6]). Ownership structures also vary: while the public sector holds, on average, around 10% of listed equity globally, this share rises to approximately 31% in emerging market and developing economies (EMDEs). Conversely, institutional investors account for roughly 47% of equity ownership globally but only around 12% in EMDEs (OECD, 2025 [6]). Debt markets have experienced similarly pronounced expansion . Since the 2008 financial crisis, corporate bond markets have grown substantially, with total outstanding amounts i ncreasing 2.5-fold in real terms between 2000 and 2024, from USD 13.6 trillion to USD 35 trillion ( OECD, 2025[7]). A notable part of this growth comes from increased issuance by non-financial issuers, whose debt has nearly doubled and currently stands at USD 15.7 trillion. At the same time, issuance has become increasingly concentrated at the lower end of the credit rating scale, with more than half of all investm ent-grade bonds issued since 2014 rated BBB (i.e. the lowest investment grade rating) (OECD, 2024 [8]). Since 2022, governments have increased programmes that allow retail investors to buy government bonds directly . Through such initiatives, ordinary people invest their own savings in sovereign debt, making it easier to understand how bonds work and how they are traded . Between 2021 and 2024, the share of domestic government bonds held by households in OECD economies roughly doubled, rising from about 5 % to 11 % of total outstanding sovereign debt (OECD, 2025 [7]). By lowering

and 2024, the share of domestic government bonds held by households in OECD economies roughly doubled, rising from about 5 % to 11 % of total outstanding sovereign debt (OECD, 2025 [7]). By lowering informational and operational barriers to bond investing, retail sovereign bond programm es have strengthened investor confidence and financial literacy, thereby supporting broader reta il participation in capital markets (OECD, 2025[7]). Complementing the public equity and corporate debt markets, private equity, specifically venture capital (VC), provides important alternative sources of financing . These instruments supply risk capital to firms that are too young or too risky to access traditional bank lending, especially during early and growth stages. By absorbing higher levels of risk, they enable firms with high growth potential to pursue innovation, scale operations and implement longer-term growth strategies. Indeed, over the past 15 years, VC markets have grown significantly and have become a key source of non-debt financing for startups

(OECD, 2025[9]).

Angel investment can also help to address early-stage financing gaps . Business angels typically invest in very early-stage firms that may not yet meet the scale or risk thresholds required for V C funding. Although investment amounts are comparatively modest, often ranging between EUR 25 000 and EUR 500 000, their contribution is crucial in supporting product development, business model testing and the establishment of market credibility for nascent firms (OECD/GWEP, 2025[10]). Beyond financial capital, 13

STRENGTHENING CAPITAL MARKETS IN BOSNIA AND HERZEGOVINA © OECD 2026

venture capitalists and business angels can generate knowledge spillovers, provi de managerial support and facilitate access to professional networks, thereby strengthening broader entrepreneurial ecosystems. Why are capital markets important for businesses in Bosnia and Herzegovina? Creating conditions for businesses to use capital markets is crucial for Bosnia and Herzegovina, where the bank-dominated financial system does not adequately meet the financing needs of the private sector, especially small and medium-sized enterprises (SMEs). Banks account for more than

Why are capital markets important for businesses in Bosnia and Herzegovina? Creating conditions for businesses to use capital markets is crucial for Bosnia and Herzegovina, where the bank-dominated financial system does not adequately meet the financing needs of the private sector, especially small and medium-sized enterprises (SMEs). Banks account for more than 90% of total financial sector assets. However, despite the relative stability and str ength of the banking sector, 57% of firms in Bosnia and Herzegovina identified access to finance as a key barrier to scaling up (compared to the regional average of 40%) (RCC, 2023[11]). Access to credit remains uneven, with smaller and younger firms facing higher barriers and borrowing costs, thereby restricting thei r capacity to invest, grow and compete effectively in the market. Over the last decade, domestic credit to the private sector in Bosnia and Herzegovina h as grown slightly, rising from approximately USD 9.5 billion (EUR 8.7 billion) in 2014 to US D 10.3 billion (EUR 9.5 billion) in 2024 (Figure 1). However, when expressed as a share of GDP, this cred it has declined, falling from arou