Serbia Revokes Alta Bank License Days After Vucic Election Defeat

Many Russians who moved to Serbia after 2022 woke on Oct. 31 to frozen accounts. Alta Banka kept payments with Russia open while other Serbian banks restricted them, BBC News Serbian reports. Insured deposits up to €50,000 are due to be paid out.

The National Bank of Serbia (NBS) announced the decision about 2:30 a.m. on Oct. 31. Its Executive Board revoked the license of Alta Banka in Belgrade. A court will appoint the Deposit Insurance Agency as bankruptcy administrator.

What the Central Bank Said

The NBS said supervisory measures meant to lift Alta’s liquidity came first. It found the bank’s financial condition had “deteriorated significantly” and could worsen. That threatens depositors, it said, and the step protects financial stability.

The statement does not mention money laundering. The governor’s office says proceedings were opened against the bank, its shareholders and its management. It dates the revocation to Oct. 30, a day earlier than the board’s announcement.

Payouts are due within seven business days of a court opening bankruptcy, expected on Monday. Card services, transfers and branches were suspended, N1 reported.

Laundering Suspicions Come From Prosecutors

Serbia’s organized crime prosecutors (TOK) say they asked the NBS on Oct. 27 for Alta’s foreign transactions since Sept. 27. On Oct. 29 it widened the request to currency conversions and outflows. On Oct. 30 it asked police to check the bank’s operations.

The NBS then filed a criminal complaint against Alta and several responsible persons, TOK said on Oct. 31. The contents of the complaint have not been made public in the reports we reviewed.

Prosecutor Bojana Savović told N1 that Alta, in her view, was used to launder illicit money. She said she understands a case against its owner and director was already open. None of this is a court finding.

Reported Transfers Abroad

Opposition politician Srđan Milivojević claimed a €50 million transfer to a foreign institution had been prepared, Gazeta Express reported. Lawyer Ivan Ninić reportedly warned of fast capital transfers to accounts and firms in Moscow and Skopje. The destination has not been officially confirmed.

The NBS said unconfirmed allegations of suspicious transfers could cause unjustified public concern. North Macedonia’s opposition has reportedly asked its government for clarification.

Owner and Clients

Alta is owned by businessman Davor Macura, who opened an exchange office in Zemun in 2008, BBC News Serbian reports. He later led the Serbian exchange-office association. BBC and Gazeta Express describe him as close to Vučić’s Serbian Progressive Party (SNS).

Alta’s active clients rose from 47,400 to 66,500 in 2025, DW reported, without saying how many were Russian. State utility EPS also used an Alta account for Belgrade power bills, BBC reported. It said a new account would follow.

Days After the Election

Serbia held a snap parliamentary election on Oct. 25. The Student List won 141 of 250 seats once votes abroad were counted. Vučić’s United Serbia list took 103, and he conceded on election night.

The closure came five to six days later. None of the sources we reviewed says the vote drove the NBS decision. Vučić has since met Orbán in Belgrade, the winners reject Russia sanctions, and a report alleges a dropped coup plan.