The National Bank of Serbia (NBS) revoked the operating licence of Alta Banka on October 30 after its financial condition deteriorated significantly, triggering bankruptcy proceedings and an investigation into alleged transfers of large sums of money abroad. This move protects depositors. Following the NBS decision, owner Davor Macura faced immediate intervention. The four NBS vice-governors, Zeljko Jovic, Ana Ivkovic, Dragana Stanic, and Nikola Dragasevic, learned of the bank’s true condition during an emergency board session on the evening of October 30. They claimed the bank "drastically deviated" from reported figures. The NBS filed a criminal complaint against the bank and several individuals. Macura started with a currency exchange office in 2008 and later bought control of Jubmes banka in 2019. His group also holds a 30% stake in Addiko Bank. At the end of 2025, the bank held 66,481 clients and 621 staff, of which 56,390 were individuals. The bank’s net profit fell 85% year-on-year to RSD140mn (€1.2mn) in the first quarter of 2026. While the bank’s balance sheet grew to €1.64bn over three years, it held only 2.9% of total sector assets according to Raiffeisen Research. Alta Pay also signed a deal to collect electricity bills for state utility EPS in November 2023 and took over payment processing in July 2025.
Alleged money transfers and political pressure
The organized crime prosecutor asked the NBS on October 27 and October 29 for data regarding transfers from Alta accounts to Moscow and Skopje after claims surfaced that money was being moved from the bank since late September. These requests followed social media claims that more than €50mn moved to an affiliate in Bitola. On October 14, US Congressman Joe Wilson asked Secretary of State Marco Rubio to sanction Macura and three other businessmen, alleging that Alta was "involved in the money laundering side of the business." Alta rejected the accusations through a spokesperson. The Student List movement, which won the October 25 election, blamed the NBS leadership. This failure lands five days after the Student List ended 14 years of rule by the Serbian Progressive Party. The situation is a failure of the NBS leadership under Governor Jorgovanka Tabakovic to react to the bank’s deteriorating status. The sector’s NPL share fell to 1.97% in August, a sharp decline from the 23.18% peak in May 2015. Alta’s net profit fell, even though it had posted the largest absolute rise in lending of any Serbian bank in the first quarter of 2026.
Sector stability and depositor protection
The Association of Serbian Banks (UBS) said on October 31 that the country’s financial system remained stable and that the bankruptcy of Alta Bank would not affect other lenders. The UBS described the closure of Alta Bank as an isolated case. The banking sector’s capital adequacy ratio stood at 20.1% at the end of June, while its liquidity coverage ratio was 199.4%, nearly double the regulatory minimum of 100%. Serbia’s 19 banks held €63.8bn of assets at the end of August. The banking association pointed to the country’s regulatory framework and central bank supervision as safeguards against wider instability.
| Banking Sector Indicator (End-June 2026) | Value |
|---|---|
| Total Capital Adequacy Ratio | 20.1% |
| CET1 Ratio | 18.6% |
| Liquidity Coverage Ratio | 199.4% |
| Non-performing Loan Ratio | 1.97% |
Deposits at Alta Bank are insured up to €50,000 per depositor in dinar equivalent. The Deposit Insurance Agency will begin paying insured deposits no later than seven working days after the Belgrade Commercial Court opens bankruptcy proceedings. The agency will inform customers which banks will handle the payments and how they can submit claims for amounts exceeding the insured limit. Queues formed outside Alta branches in Novi Sad and Belgrade on October 31. Clients could not use payment cards or make payments.
