Serbia shuts down Alta Banka: licence revoked days after election, depositors promised up to €50,000

Serbia’s central bank shut down one of the country’s fastest-growing banks in the early hours of Saturday 31 October 2026, freezing its accounts, opening bankruptcy proceedings and promising savers their insured deposits back — six days after a student-led movement swept the party the bank’s owner was reported to be close to out of power.

The National Bank of Serbia said Alta Banka’s finances had “significantly deteriorated in recent times” and there was a risk of further worsening of its financial position or liquidity, and that the decision was taken “to protect the interests of depositors and preserve the stability of the financial system.” Withdrawals were no longer possible in Serbia, and the bank’s accounts had been blocked since Friday 30 October.

The closure is striking not because of the bank’s size — Alta Banka held only about 3 per cent of the Serbian market — but because of its speed, its politics and the questions it raises. The bank had nearly tripled in size in four years and handled the nation’s electricity bill payments. Within a week of an election that changed Serbia’s government, it was gone. Prosecutors who handle organised-crime cases have now opened an investigation into the bank’s activities, into officials at the national bank itself, and into capital transfers abroad.

At a glance

What happened: In the early hours of Saturday 31 October 2026, the National Bank of Serbia revoked Alta Banka’s operating licence, blocked its accounts and launched bankruptcy proceedings, with the Deposit Insurance Agency taking over management of the bank.

Why it matters: A bank that had grown by nearly 60 per cent in a single year collapsed within days of a change of government, raising questions about how closely it had been supervised, who knew what about its finances, and whether depositors’ money is safe. It is also the first big test of Serbia’s new political order — and of whether its institutions can clean up after the old one.

What happens next: Insured deposits of up to €50,000 per depositor are to be paid within seven working days of a court formally opening bankruptcy proceedings. Claims were reported to be open for lodging from Monday 2 November, and prosecutors have begun an investigation into the bank, national bank officials and transfers of money abroad.

What happened on Friday night

The central bank announced the decision about two and a half hours after midnight on 31 October, after an urgent, extraordinary session of its Executive Board on the evening of Friday 30 October. By then the bank’s accounts had already been blocked, and local media reported crowds at Alta Banka branches and cash machines in Serbia — and in neighbouring North Macedonia, where Alta has a subsidiary — as savers tried to withdraw their money.

The regulator said an inspection of the bank had preceded the move, and that Alta had failed to comply with corrective measures ordered to raise its liquidity — the ready cash a bank needs to meet withdrawals and pay its bills. Before the revocation, the regulator had imposed temporary restrictions, and the Serbian outlet Danas reported that Alta had been cut off from the instant payment system. The central bank did not say what its inspection had found in detail, and told the BBC it would inform the public in the coming days.

In a separate statement, the central bank said bankruptcy proceedings had been launched and management handed to Serbia’s Deposit Insurance Agency, which would keep the bank’s assets under supervision and prevent them from being dissipated, helping creditors — above all households and businesses — recover their funds as quickly as possible.

Alta Banka itself issued a short statement on 31 October confirming that bankruptcy proceedings had been initiated and that the authorities were taking steps to protect depositors and creditors.

What it means for depositors

For ordinary savers, the most important question is simple: will they get their money back, and when? The answer, in outline, is yes for most of them — but not immediately, and not necessarily all of it.

Deposits are insured up to €50,000 per depositor under Serbia’s deposit guarantee scheme, and the National Bank of Serbia said insured deposits should be paid within seven working days after the court formally opens bankruptcy proceedings. The central bank named Poštanska štedionica and OTP as the banks where depositors can withdraw their insured funds, and reports said claims could be lodged from Monday 2 November.

That timetable matters because a bank failure creates a gap between the day accounts are frozen and the day insurance money arrives. Cards may stop working and balances can become unreachable even when the money is ultimately protected, so households and small businesses that kept working cash at Alta Banka could face a short-term squeeze.

Any amount above the €50,000 cap typically becomes a claim in the bankruptcy, so repayment depends on how much the bank’s assets recover and where each depositor sits in the order of who gets paid first. Savers with large balances, and businesses with big operating accounts, may recover only part of what they held — or have to wait a long time.

Borrowers are not released from their debts by the bank’s failure. The central bank said they can expect clear instructions on repayment, and should keep paying under the terms they agreed until told otherwise.

For anyone affected, the practical steps are simple: do not queue at branches that can no longer pay out — the money will come through the insurance process, not the branch counter. Gather account statements and proof of deposits now, so a claim can be filed quickly, and follow official notices from the Deposit Insurance Agency and the two named payout banks rather than rumours on social media. Businesses that relied on Alta Banka for day-to-day payments should open an account at another bank and move incoming payments there.

The wider banking system appears calm for now. The Serbian Association of Banks said all other financial institutions were operating normally and without restrictions, and Alta’s North Macedonian subsidiary said its operations there were continuing as normal, although savers there were also reported to have rushed to branches and cash machines.

A bank that grew very fast

Alta Banka was not one of Serbia’s giants, but it was one of its fastest risers. It was the country’s ninth-largest bank by assets at the end of 2025, with a 2.77 per cent market share, after asset growth of nearly 60 per cent in 2025 alone and more than tripling over four years, according to Reuters.

That speed of growth is part of the story: a bank expanding that quickly takes on new customers, loans and risks at a pace regulators are supposed to watch closely. The obvious question is how long the problems had been building — and why they were dealt with only now.

The bank was owned through the Alta Group holding, 100 per cent by the entrepreneur Davor Macura, who was reported by several local media outlets to be close to the Serbian Progressive Party, known as the SNS, of former president Aleksandar Vučić. The link is reported, not proven, and Macura’s political connections are not the reason the central bank gave for revoking the licence. But the connection is central to why the closure has become a political story as well as a banking one.

Alta Banka had also become part of the machinery of the state. Since July 2025 it had handled electricity bill payments for the state utility EPS, an arrangement the student movement denounced at the time. EPS said it would announce details of the changed payment account later, so households that paid their power bills through Alta will need new instructions. The bank had also offered services to non-residents, and many Russians opened accounts there after Russia’s full-scale invasion of Ukraine in 2022 — a detail that matters because of the unproven allegations about where money moved in the bank’s final days.

The €50 million transfer allegations

Alongside the banking failure, a second story is running: allegations that large sums were moved out of Alta Banka just before it was shut down. These have not been independently verified, and the central bank did not cite them as the reason for revoking the licence. They must be treated as claims, not facts.

On Thursday 29 October, Srđan Milivojević, leader of the opposition Democratic Party, said he had filed a criminal complaint after receiving information about plans to allow Alta Banka to transfer €50 million to a correspondent bank abroad. A day later, in North Macedonia, the politician Andrej Žernovski of the opposition SDSM said more than €50 million had reached the account of Alta’s local branch and could have gone to Russia. The North Macedonian central bank governor called those claims unverified, while Alta insists its transactions were lawful and calls the accusations an organised campaign against it.

Prosecutors in charge of organised-crime cases said they had opened an investigation into Alta Banka’s activities, as well as into officials at the national bank and into capital transfers abroad — so the inquiry extends to the regulator that was supposed to supervise the bank, not just its management.

Inside the National Bank of Serbia itself, the closure has already caused a split. Four senior central bank officials asked the public prosecutor to establish all the facts and any criminal liability of the national bank, saying they had learned of Alta’s real condition only at the urgent Executive Board session on the evening of Friday 30 October — a picture that differed sharply from the reports the bank had submitted. The central bank’s governor, Jorgovanka Tabaković, was reported not to have joined that request. None of this proves wrongdoing by any individual, but it shows the failure is being treated in Belgrade as more than a routine regulatory action.

The election backdrop

The revocation came six days after Serbia’s parliamentary elections of 25 October, in which the opposition Student List won. Electoral Commission projections gave the Student List 141 of the 250 seats in parliament, against 103 for the SNS. The movement grew out of protests against corruption and state negligence after the 2024 collapse of a canopy at the railway station in Novi Sad, and has pledged to end widespread corruption and bring those responsible to justice.

The timing is impossible to ignore, and both sides are already drawing different conclusions from it. Supporters of the new order say the closure shows institutions are finally being allowed to act against a bank linked to the old ruling party. Supporters of the old order say the timing shows the closure is political. The central bank’s stated reason — a sharp deterioration in the bank’s finances and a risk to depositors — is a regulatory one, and neither side’s interpretation has been proven.

What happens next

Three things will decide how this story ends. The first is the court process: once the Commercial Court formally opens bankruptcy proceedings, the seven-working-day clock for insured payouts starts, and the Deposit Insurance Agency takes full control of the bank’s assets. The second is the criminal investigation: prosecutors will have to establish whether money was moved improperly, whether the bank’s reports to the regulator were accurate, and whether officials at the national bank failed in their duties. The third is political: the new authorities in Belgrade will have to show that the closure was about protecting depositors, not settling scores.

Frequently asked questions

Is my money safe if I had an account at Alta Banka?

Deposits up to €50,000 per depositor are insured under Serbia’s deposit guarantee scheme and are to be paid within seven working days of the court formally opening bankruptcy proceedings. Amounts above that cap become claims in the bankruptcy, so recovery depends on the bank’s assets and the order in which creditors are paid.

Can I still withdraw money from Alta Banka?

No. Withdrawals are no longer possible in Serbia, and the bank’s accounts have been blocked since Friday 30 October. Insured deposits are to be paid through the banks named by the central bank — Poštanska štedionica and OTP — once claims are processed.

Why was the bank shut down?

The National Bank of Serbia said Alta Banka’s financial situation had significantly deteriorated and there was a risk of it worsening further, including its liquidity. It said the bank had failed to comply with corrective measures ordered to raise its liquidity, and that the licence was revoked to protect depositors and preserve the stability of the financial system.

Was the closure political?

The closure came six days after the Student List won Serbia’s parliamentary election, defeating the SNS, the party the bank’s owner was reported to be close to. The central bank’s stated reason was financial, not political, and the alleged transfer of money abroad was not cited by the regulator as the reason for the revocation.

What about the alleged €50 million transfer?

An opposition leader said he had filed a criminal complaint over information about a planned €50 million transfer abroad, and a North Macedonian opposition politician claimed more than €50 million had reached Alta’s branch there and could have gone to Russia. Those claims have not been independently verified, the North Macedonian central bank governor called them unverified, and Alta says its transactions were lawful.

What happens to my loan if I borrowed from Alta Banka?

The bankruptcy does not cancel debts. Borrowers still owe what they borrowed and should expect instructions from the Deposit Insurance Agency on where and how to make repayments.

Are other Serbian banks safe?

The Serbian Association of Banks said all other financial institutions were operating normally and without restrictions. Alta Banka held only about 3 per cent of the market, and the central bank said the intervention was aimed at protecting depositors and the stability of the system.

Conclusion

Alta Banka’s collapse is a small banking failure with large implications. A lender that tripled in size in four years, handled the country’s electricity payments and was reported to be close to the ruling party was shut down overnight, its accounts frozen and its management handed to the deposit insurer. Savers with up to €50,000 are protected, but they will have to wait for the court process to run before they are paid, and anyone with more than that faces an uncertain wait in bankruptcy.

The deeper questions — how the bank’s finances deteriorated, what its reports to the regulator actually said, whether money was moved abroad in its final days, and why the regulator acted only now — are now in the hands of prosecutors and the courts. For Serbia’s new government, the answers will matter as much as the closure itself. A bank can be shut down in a night. Rebuilding trust in the institutions that are supposed to watch the banks takes much longer.

This article is for general information and education only. It is not legal or financial advice.

Sources

• https://finimize.com/content/serbias-central-bank-shut-down-fast-growing-alta-banka (Finimize, 31 October 2026, reporting Reuters)
• https://www.europesays.com/3344622/ (Europe Says, 31 October 2026)
• https://pollar.news/en/event/serbia-revokes-alta-banka-licence (Pollar, 31 October 2026)
• https://www.byteseu.com/2487961/ (Bytes Europe, 31 October 2026)
• https://altabanka.com/official-statement/ (Alta Banka official statement, 31 October 2026)