This was due to the fact that Veljko's father (who moved to the village of Vinići near Danilovgrad after getting married) took his wife's surname for aesthetic reasons.
Born and raised in the northern Bosnian city of Tuzla to Montenegrin parents (father Vukola from Žabljak and mother Poleksija Đurović from a village near Danilovgrad) who worked as school teachers, Žugić graduated from the University of Sarajevo's Faculty of Law.
The bank conducts its services through a network of 20 branches - seven in and around Podgorica, as well as one in each of the following towns: Danilovgrad, Cetinje, Ulcinj, Bar, Budva, Kotor, Tivat, Igalo, Nikšić, Kolašin, Bijelo Polje, Berane and Rožaje.