Bank closure and owner arrest
The Serbian central bank revoked Alta Bank’s license on October 31, citing a significant deterioration in the bank’s financial condition and concerns over its liquidity. This move follows the October 25 election, where a student-led movement won and ended 14 years of rule by the Serbian Progressive Party. Authorities detained the bank’s owner, Davor Macura, on Monday on suspicion of illegally withdrawing nearly 385 million euros. Following the student-led movement’s victory in the October 25 elections, which ended 14 years of rule by the Serbian Progressive Party, the central bank revoked Alta Bank’s license on October 31 due to liquidity concerns. The Commercial Court in Belgrade opened bankruptcy proceedings against the bank on Tuesday.
| Feature | Details |
|---|---|
| Insured deposit limit | 50,000 euros |
| Reimbursement period | Within seven working days |
| Assigned payment bank | Banka Postanska stedionica |
| Suspected illegal withdrawal | Nearly 385 million euros |
The Deposit Insurance Agency stated it will begin reimbursing insured deposits of up to 50,000 euros per depositor within seven working days. The agency appointed state-owned Banka Postanska stedionica to handle these payments. For deposits exceeding 50,000 euros, creditors must join a queue for the bank’s bankruptcy or liquidation estate. Professor Svetlana Popovic from the University of Belgrade said these payouts often occur in installments following the sale of bank assets and can take years.
Consequences for Russian residents
The collapse of Alta Bank devastated the financial stability of the Russian community in Serbia. Many residents used the bank because other foreign-owned institutions in Serbia were reluctant to accept Russian deposits or applied extremely strict and demanding procedures for opening accounts. Alta Bank provided a relatively short procedure for opening accounts and executing transactions. Ekaterina, who arrived in Serbia on the evening of October 30, said she and her family lost everything on the morning of October 31 after she transferred money from a sold Moscow apartment.
The bank’s sudden closure has frozen the savings of many Russian expatriates who moved to Serbia after the 2022 invasion of Ukraine. Olga, who opened an account in November 2024, said she and her partner can no longer access their money. Her partner, Eugene, described Alta Bank as the default banking option for Russians in the country. He noted that they used the account for everything from salaries to savings. Olga said the bank provided no information through email or messages regarding the situation.
Ivan, who transferred 180,000 euros to an account he opened in December 2023, said the 50,000 euro insurance limit covers less than a third of his money. Dmitry, a Russian living in Subotica since July 2024, lost access to more than 50,000 euros. In Belgrade, the cafe and cultural centre Auditoria had to hang signs reading "Cash Only" because they could no longer accept card payments. Producer Alexandra Yakusheva said the business could not pay for regular produce delivery on Saturday and had to find cash urgently.
Maria Churkin and Mikhail Ivanov from the business PROSTO Belgrade also lost access to funds intended for rent and salaries. Churkin said they built their family’s entire financial infrastructure around Alta Bank. Their business cannot accept online or card payments without a new account. Churkin said their biggest problem remains opening a new business account for her husband quickly. Dmitry said his wallet will be empty before the end of the year because the bank’s branches remained closed and the mobile application and website stayed inaccessible.
