Depositors at Serbia’s failed Alta Bank, including Russian residents and businesses with accounts there, face a €50,000 insurance cap per depositor, with covered payments scheduled to begin Nov. 13.
The National Bank of Serbia (NBS) revoked Alta’s license Oct. 30 after supervisory measures aimed at improving liquidity. The NBS said its oversight had sought to strengthen liquidity, but Alta’s financial condition had materially worsened and further strain on its finances or liquidity could put depositors at risk. The Belgrade Commercial Court opened bankruptcy proceedings Nov. 3 and appointed the Deposit Insurance Agency as administrator.
The agency said Banka Poštanska štedionica will distribute insured funds. The €50,000 ceiling combines a depositor’s Alta accounts. Coverage includes individuals, entrepreneurs and micro, small and medium-sized legal entities registered in Serbia; individuals may be residents or nonresidents. Dinar deposits will be paid in dinars. Deposits in other currencies will be converted to euros at the NBS’s official median rate for the relevant currency on Nov. 3.
Meduza reported that Russian account holders said they could not access personal savings and funds used for their businesses. The Associated Press described Alta as one of a small number of Serbian lenders that accepted Russian customers for personal and business accounts. Radio Free Europe reported that sanctions-related screening, anti-money-laundering rules and banks’ own risk checks also made it harder for some Russians to open accounts elsewhere.
Alexandra Yakusheva, who runs Belgrade’s Auditoria bookshop, café and event space, told The Moscow Times that her business had less than €50,000 at Alta, needed a replacement account and relied on card payments. “For a firm, having an active bank account is a necessity. You cannot operate without it,” she said.
Serbian prosecutors said Alta Bank owner Davor Macura and two employees were detained Nov. 2. RTS, citing prosecutors, reported an allegation that Macura improperly obtained about 45 billion dinars from Alta by Oct. 31. KRIK, citing an investigative order it reviewed, reported a suspected overall amount of about €390 million. It said roughly €370 million of that was recorded as exchange-office proceeds that never reached the vault. KRIK also reported that Macura denied wrongdoing through his lawyer.
Depositors with balances above the insured limit must seek recovery through the bankruptcy case; the agency has not specified how much they may recover. Insured payouts are due to start Nov. 13 through Banka Poštanska štedionica.
