Serbian authorities on Monday detained Davor Macura, the owner of Alta Bank, on suspicion of siphoning approximately 45 billion dinars ($428 million) from the private bank. The detention comes days after the Serbian Central Bank revoked Alta Bank's operating license and initiated bankruptcy proceedings due to significantly deteriorated liquidity.
Alta Bank handled public utility payments in Belgrade, including electricity bills and public parking accounts. The bank rose to prominence under the previous government led by former President Aleksandar Vucic, whose party was recently ousted in a parliamentary election. Prosecutors stated that two other individuals were also detained for allegedly aiding Macura in the crime.
Macura's lawyers confirmed his presence at the bank's headquarters and his full cooperation during a police search over the weekend. He is scheduled to be questioned by public prosecutors on Tuesday. Macura, who also has business interests in retail and construction, is suspected of illegally moving funds out of the bank's vault. This action followed a period of scrutiny, including an attempt in 2024 by Macura's Alta Group to acquire a stake in Austria's Addiko Group, which was halted by the European Central Bank due to concerns over anti-money laundering controls and the source of funds.
The moves against Alta Bank and its owner are part of broader changes occurring in Serbia following the election results. These changes have included resignations in state-run media, arrests of several officials, and reviews of long-standing corruption cases. Critics have accused Vucic's Serbian Progressive Party, which governed since 2012, of corruption and cronyism, allegations the party denies.
The Serbian Central Bank's decision to revoke Alta Bank's license was criticized by former central bank governor Kori Udovicki, who stated that the central bank "lost a week in which it could have limited the bank’s ability to transfer the money abroad or to the connected individuals."
Alta Bank also served tens of thousands of Russian émigrés who opened personal and business accounts in Serbia, a country that has become a haven for Russians relocating since the start of the invasion of Ukraine in 2022. The bank's financial instability has had repercussions beyond Serbia's borders. The Central Bank of North Macedonia placed Alta Bank's subsidiary into temporary administration, limiting weekly cash withdrawals, and Montenegro's banking regulator shut down the payment processing company Alta Pay.
The Association of Serbian Banks has characterized Alta Bank's collapse as an "individual issue" that is not expected to impact other banks in the country. Armed police were observed guarding Alta Bank's offices in Belgrade following the license revocation, as customers lined up to withdraw their savings.