License revocation and investigation
The National Bank of Serbia revoked the operating licence of Alta Bank on October 31 because its financial condition deteriorated significantly. This decision came six days after a parliamentary election in which the Serbian Progressive Party lost power after 14 years. Democratic Party leader Srdjan Milivojevic alleged that the bank sought permission to convert a large amount of cash in Serbian dinars into euros and transfer €50mn to an account at a foreign correspondent bank. Serbia’s Public Prosecutor’s Office for Organised Crime opened an investigation into possible transfers of funds abroad. The prosecutor requested information from the NBS on foreign transactions and asked the police’s organised crime unit to investigate operations. The NBS also initiated proceedings against the bank, its shareholders, and management bodies. I find the sudden collapse of a bank so closely linked to the ousted ruling party tells a clear story of instability.
Impact on Macura’s empire
The court will appoint the Serbia Deposit Insurance Agency as bankruptcy administrator. Depositors can recover insured savings of up to €50,000 per person within seven working days. This is the first time the NBS revoked a licence since January 2014, when it closed Universal Bank during a banking crisis. The collapse of the bank, which reached €1.65bn in assets at the end of last year, threatens the wider Alta Group. Macura’s business empire includes property, construction, and retail. He acquired Alta Bank in 2019 by buying state-owned Jubmes Bank for €5mn.
| Year | Asset Growth |
|---|---|
| 2023 | 44.6% |
| 2024 | 52.28% |
| 2025 | almost 60% |
Alta Bank provided services for Belgrade parking and electricity bills. Elektroprivreda Srbije announced a new account for electricity payments after suspending services through the bank’s online customer application. The group’s planned acquisition of five businesses from Croatia’s Fortenova Group, which includes Idea, Mercator, Roda, Ena Fruit, Super Card, and mStart Solutions, and the acquisition of Addiko Bank operations in Serbia, Bosnia, and Montenegro, faces questions about financing after the collapse. Alta held a 9.63% stake in Addiko and helped Raiffeisen Bank International secure 56.16% acceptance for its takeover bid. Macura’s North Macedonian bank, Alta Banka AD Bitola, remains liquid and separate. In 2024, the European Central Bank suspended voting rights for Alta Pay regarding transparency and disclosure of control over shares in Addiko Bank. US Congressman Joe Wilson sent a letter to Secretary of State Marco Rubio on October 14 requesting sanctions against four Serbian businessmen, including Macura, for using public resources for personal enrichment. His companies also acquired land belonging to the former Motor and Tractor Industry in New Belgrade.
