Today, the Serbian and regional economy lost a great man, but his name and vision will carry on through his children and their families, as well as through MK Group, AIK Banka, and the Endowment of Miodrag Kostić. Miodrag Mostic will be remembered as one of the most successful Serbian businessmen and a modern patron.
Belgrade, November 13, 2024 – It is with great sadness that MK Group notifies the public that the President and founder of MK Group, Miodrag Kostić (1959 – 2024), passed away today, on November 13. During 40 years of his active professional career, he was a visionary and a business strategist who created one of the biggest business systems operating beyond Serbian borders, for which he became internationally recognized as one of the most influential leaders and most successful businessmen in Southeastern Europe.
During his career, Miodrag Kostić achieved great success and pioneering endeavors in agriculture, tourism, green energy production and financial services, by which he positioned his companies as leaders in these areas. Expansion of his business was followed by numerous socially responsible activities. As the crown jewel of his philanthropic activism comes the Miodrag Kostić Endowment, through which he gifted the Palace of Science to the Serbian people, as the biggest individual act of benefaction in our region since the beginning of the 20th century.
He withdrew from an active role in the company 5 years ago. He passed on the strategic governance of the business system to his son, Aleksandar Kostić, Vice President of MK Group, and Chairman of the Management Board of AIK Banka. Management of both companies, together with their employees, will carry on the vision of continuous growth and development paved by Miodrag Kostić.
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MIODRAG KOSTIĆ AS A VISIONARY IN BUSINESS
The career and most significant business achievements of one of the largest entrepreneurs in Southeast Europe
The company, which is now among the most successful groups in agriculture, tourism, green energy, and banking, was founded by Miodrag Kostić in 1983 as a graduate economist, positioning him as one of the pioneers of private business in Serbia. After starting in trade and establishing the brokerage firm M&V Investments, he began his development in the agri-food sector in 2002 with the acquisition of sugar refineries, which also marked the revival of the sugar industry in Serbia – a success for which he is credited. This effort led to the position of Sunoko as the largest sugar producer in the broader region. In the following years, several domestic agricultural companies were acquired, culminating in the takeover of PIK Bečej in 2016. Thanks to the digitalization of primary production and improvements in productivity, the MK Agriculture division today manages about 13,000 hectares in Vojvodina. He acquired the company Carnex in 2011 and, as part of MK Group, secured further investments that allowed it to achieve a leading position in the regional meat industry and revitalize Serbian livestock farming, making Carnex the largest pork producer in Serbia.
Miodrag Kostić’s entry into the tourism sector was marked by acquisition of the Grand Hotel on Kopaonik in 2008, which is a leader in luxury hospitality in Serbia. He continued expanding in this segment between 2015 and 2017 by purchasing two hotels in Istria and establishing a partnership with the global luxury hotel chain Kempinski, under whose brand the Kempinski Palace in Portorož and Kempinski Adriatic in Savudrija now operate. His expertise in the development of tourist destinations was internationally recognized with the opening of the first Sheraton hotel in Serbia in 2018, located in Novi Sad, in collaboration with the global Marriott chain. In the same year, he became the majority owner of Portorož Airport, and previously, he entered as a minority shareholder in the ownership structure of the Budva Riviera and Sveti Stefan hotel groups in Montenegro, in which MK Group today holds a 33.55% stake. Through these acquisitions, Miodrag Kostić expanded MK Group’s operations in the Adriatic region and laid the foundation for new investments in the real estate sector.
As a pioneer in renewable energy, together with the company Fintel, he built the first wind farm in Serbia in 2015, and then, by his withdrawal in 2019, opened two more wind farms, making the MK Energy division one of the largest independent producers of green energy in the country.
Among his pioneering ventures is the first entry of a Serbian bank into the European Union market. After acquiring a majority stake in AIK Bank in 2015 and acquiring Alpha Bank in Serbia in 2017, he restored customer trust in the domestic bank. In 2019, he became the owner of Gorenjska Banka in Slovenia. Through the expansion of business in banking and further investments in the development of AIK Bank, he made it one of the leading banks in Serbia. The balance sheet assets of the banking group today exceed 10 billion euros.
Miodrag Kostić, as one of the first entrepreneurs in Serbia, has built a business empire over four decades of active career, one that has expanded beyond the borders of our country. He grew his companies based on the principles of continuous growth and sustainable development, making them profitable systems and stable pillars of the Serbian economy. This has earned him recognition in international business circles and a reputation as a visionary in business.
He stepped down from his managerial positions five years ago and entrusted the strategic leadership of the business system to his son, Aleksandar Kostić, Vice President of MK Group and Chairman of the Management Board of AIK Bank, while executive management was handed over to professional management – the Board of Directors at MK Group and the Executive Board at AIK Bank. The leadership of both systems, along with the employees, will continue to follow the vision of continuous growth and development set by Miodrag Kostić, just as it has successfully done in the past.
MIODRAG KOSTIĆ AS A PHILANTHROPIST AND A MODERN ENDOWER
Like the great benefactors in Serbian history, he leaves behind a lasting value for Serbian society
Miodrag Kostić is recognized not only as one of the most successful businessmen but also for his continuous engagement and contributions to socially responsible causes. Support for children and youth, as well as for education and healthcare, has always been the cornerstone of his philanthropic activities. He personally initiated and followed through on a large number of actions, ensuring their implementation year after year. He launched the regional CSR program “Family Support”, as well as numerous aid projects that have been carried out every year for over a decade. These include various forms of support to SOS Children’s Villages and the NURDOR association, organizing winter trips for students from Kosovo and Metohija, donating food to vulnerable populations, and donating equipment to healthcare and educational institutions. The humanitarian actions he financed were primarily focused on the local communities where MK Group and AIK Bank operate.
During his lifetime, he allocated over 50 million euros for socially responsible activities and will continue to support Serbian society and its development through the work of the foundation bearing his name. The Miodrag Kostić Endowment was established with the aim of gifting the Serbian people the Palace of Science, the first center for research and popularization of science in Serbia. This humanitarian endeavor reflects his life and business philosophy, where knowledge stands as the greatest value. The allocation of 25 million euros for the realization of this project is one of the largest individual donations for philanthropy in this region. It represents a return to patronage and a legacy for the future of Serbia, through continuous support for education, scientific and technological development, and innovation.
This is the second foundation he has launched. Previously, in 2013, he donated his family house in Novi Sad, as the “Kostić Family Endowment,” to the “Institute for Health Care of Children and Youth of Vojvodina” for the purpose of more humane treatment, in cooperation with the NURDOR association. It is also worth mentioning the house he built in Kraljevo in 2012 for the needs of the SOS Children’s Villages organization.
The community has recognized his efforts to provide future generations with better living opportunities and the chance to progress, and Miodrag Kostić has received numerous awards for his humanitarian work. He is the only person in Serbia to have been awarded the Honorary Badge by the international organization SOS Children’s Villages in gratitude for his long-term support and contribution. He holds the Gold Badge of the Red Cross of Serbia, the prestigious title of “Friend of the Family” awarded by the Serbian Chamber of Commerce, as well as numerous awards for donating food to vulnerable populations. The VIRTUS Award for Philanthropy for national contributions to MK Group in 2020 followed after Miodrag Kostić was among the first to respond to the state’s call and provide various forms of aid during the COVID-19 pandemic, both in Serbia and the region. In 2024, he received a Special VIRTUS Award for his contribution to patronage, as well as a special recognition from the Serbian Managers Association (SAM) for his exceptional personal act in founding the Endowment bearing his name and launching the Palace of Science.
