Serbia’s central bank revokes Alta Bank’s license and appoints an administrator

As Meduza reported, the decision was made after supervisory measures aimed at having the bank increase its liquidity level. The National Bank of Serbia said the license was revoked to protect depositors and preserve the stability of the financial system.

The Deposit Insurance Agency has been appointed as the bankruptcy administrator of Alta. Deposits in the bank are insured for up to 50,000 euros per customer, and payouts were promised to begin within seven business days.

Before the license was revoked, the bank was suspected of illegal operations, but Alta rejected the accusations. The bank’s owner, Davor Macura, is considered close to the leadership of the Serbian Progressive Party and the circle of former Serbian President Aleksandar Vučić.

On October 25, Vučić and the SNS suffered defeat in Serbia’s snap parliamentary elections. Not everyone at the NBS agreed with the decision: four deputy governors asked the prosecutor’s office to examine the legality of the license revocation.

In recent years, Serbia has become one of the popular destinations for Russian emigration, and Alta was popular among foreigners, including Russians who had recently arrived in the country. They were advised to open accounts there.

Sources

• Material: meduza.io