The National Bank of Serbia (NBS) has revoked the operating licence of ALTA Bank in Belgrade, owned by businessman Davor Macura, who is reportedly closely connected to the Serbian Progressive Party (SNS) of President Aleksandar Vučić.
The decision was taken on Saturday by the Executive Board of Serbia’s Central Bank, following findings of a significant deterioration in the bank’s financial condition and concerns over risks to depositors’ interests.
According to the NBS statement, previous supervisory measures had been aimed at improving the financial institution’s liquidity. However, during the inspections, authorities found that its financial position had deteriorated considerably, with the risk of further deterioration.
For this reason, the Central Bank concluded that the legal conditions for revoking the licence had been met, with the aim of protecting depositors and maintaining the stability of the financial system.
Meanwhile, the Deposit Insurance Agency is expected to be appointed as the bankruptcy administrator by court order. The NBS has announced that compensation for insured deposits and access to customers’ funds will be made possible within seven working days.
According to Central Bank data, ALTA Bank’s accounts have been blocked since October 30, 2026.
Allegations of €50 Million Being Transferred Abroad
The revocation of the bank’s licence comes amid serious allegations concerning large financial transactions and attempts to transfer money outside Serbia.
Serbian Democratic Party leader Srdan Milivojević has filed a criminal complaint, calling for urgent intervention to prevent a transfer of €50 million from ALTA Bank to a correspondent bank outside Serbia.
According to his allegations, on October 27, the bank submitted a request to convert a large sum of money from Serbian dinars into euros. The Governor of the National Bank of Serbia allegedly approved the transaction without following the usual procedure and without providing the necessary justification, Milivojević claims.
He further alleges that, following the currency conversion, arrangements were made to transfer €50 million into an ALTA Bank account held at a financial institution abroad.
“There are sufficient grounds to file a criminal complaint to urgently prevent this,” Milivojević told reporters.
He called on the competent authorities to intervene, prevent the transaction and investigate the circumstances surrounding the case.
Meanwhile, Jasmina Milanović-Ganić, Deputy State Prosecutor for Organised Crime, has been informed of the allegations. According to reports, measures have been undertaken to verify the claims and identify those responsible should any violations be established.
North Macedonian Opposition Raises Concerns Over Transfers to Moscow
Developments surrounding ALTA Bank have also triggered reactions in North Macedonia.
Andrej Zhernovski, an official of the Social Democratic Union of Macedonia (SDSM), had previously called on the Prime Minister and the Governor of the Central Bank to provide urgent explanations regarding reports of money transfers from Serbia to North Macedonia through ALTA Bank.
According to the Beta news agency, Zhernovski questioned whether North Macedonia was becoming a transit point for transferring money to Moscow.
Suspicion intensified following reports of unusual developments in the financial activities of companies belonging to the ALTA Group, including ALTA Pay.
The Serbian outlet Vreme reported that shortly before the announcement revoking the bank’s licence, ALTA Pay had informed its partners that payments would be processed through accounts at two other banks: Poštanska Štedionica and OTP.
The move was considered unusual because the company had previously conducted transactions through ALTA Bank as well.
Connections to State Institutions and Milorad Dodik
ALTA Bank had established a significant position in Serbia’s financial sector, providing services to a number of major state-owned companies and institutions.
Among the clients mentioned in media reports are Elektroprivreda Srbije (EPS), through which electricity bill payments are also processed, the Serbian Automobile Association and the Belgrade Parking Service.
According to reports, a number of companies had transferred their payment operations from the state-owned Postal Savings Bank to ALTA Bank.
Reports concerning the financial institution have also highlighted alleged connections with Milorad Dodik, leader of the ruling SNSD party in Republika Srpska.
According to published accounts, ALTA Bank had granted a loan worth €22 million to Dodik, or more precisely to the Government of Republika Srpska. The amount was subsequently transferred to an account belonging to Srdan Klječanin Rufi.
The media outlet Zhurnal had also previously reported on alleged links between Dodik and the management of ALTA Bank, which is owned by businessman Davor Macura.
