Alta Banka Collapse in Serbia: What Happens to Russian Depositors' Money

Serbia has revoked the banking licence of Alta Banka, a lender popular among emigrants from Russia. Its owner, Davor Macura, was detained on November 2, according to Nova.rs. Customers have lost access to their savings, including proceeds from property sales. Deposit insurance covers up to €50,000 per depositor; recovery of any additional funds will depend on the outcome of bankruptcy proceedings.

Why Alta Banka Lost Its Licence and Its Owner Was Detained

On October 31, the National Bank of Serbia announced that it had revoked Alta Banka's licence. Inspections revealed a deterioration in the lender's financial position and the risk of a further decline in liquidity. The regulator had previously instructed management to address the problems but considered the measures taken insufficient. Control of the institution was handed to the Deposit Insurance Agency, with its assets placed under supervision for the benefit of creditors.

Police spent more than 30 hours searching Alta Banka's premises and then detained its owner, Davor Macura. Serbia's public broadcaster RTS noted that law enforcement had not officially confirmed the detention at the time of publication. No charges or court decision on a pre-trial measure had been announced.

The banking crisis unfolded after the October 25 parliamentary election, in which a student-led movement outperformed the Serbian Progressive Party. Serbian publications have linked Macura to President Aleksandar Vučić's circle, while allegations of large transfers abroad emerged after the vote. Authorities were urged to investigate those transactions and the bank's management. Political connections and reports of transfers do not, however, establish that financial crimes were committed.

Why Russians Chose Alta Banka

Since 2022, many Serbian banks have tightened their requirements for Russian citizens, particularly those without a local employment contract. Alta Banka remained one of the more accessible options for opening personal and corporate accounts. Its customers included employees, entrepreneurs and business owners. They used the institution to receive income, make international transfers, cover everyday expenses and hold savings.

An influx of customers contributed to rapid business growth. By the end of 2025, Alta Banka deposits had increased more than fivefold compared with the period before 2022, the Financial Times wrote. Cross-border transactions by Russian individuals and companies were an important part of the bank's operations. The exact proportion of Russian customers, however, is unknown.

Those affected include people who kept family savings and proceeds from property sales at the bank. A financial consultant named Olga told the British newspaper about a client who transferred €300,000 after selling an apartment in Russia. Other depositors have been unable to pay rent, make purchases or meet daily expenses. One of them, journalist Pavel Belavin, said the mobile app occasionally allowed him to view his balance, but transactions remained blocked.

Recovering Money from Alta Banka

Serbia's deposit insurance system guarantees compensation of up to €50,000 per customer. The limit applies to the total amount held across all accounts at a single bank. For example, a customer with €80,000 would be entitled to €50,000 in insured compensation, while the remaining €30,000 would have to be claimed through bankruptcy proceedings. Coverage applies to individuals, entrepreneurs, and micro, small and medium-sized companies regardless of citizenship.

The payment timetable depends on a decision by the Commercial Court in Belgrade to open bankruptcy proceedings. Within three working days, the Deposit Insurance Agency must announce how compensation can be claimed and name the bank handling the payments. Insured funds must become available no later than seven working days after the court's decision. Funds held in Serbian dinars will be returned without conversion, while foreign-currency deposits will be paid in euros at the prescribed exchange rate. The agency has published the rules governing payments to depositors.

Recovering funds above the insured limit will depend on the results of the bankruptcy process. Holders of large deposits will need to submit creditor claims in accordance with the prescribed procedure. The amounts recovered will be determined by the value of the remaining assets, proceeds from their sale and the order in which creditors are paid. Proceedings could last for several years, and full reimbursement of uninsured savings is not guaranteed.

Implications for Investors

International Investment analysts note that Alta Banka's collapse has exposed the vulnerability of foreign investors who concentrated substantial capital in a single financial institution. Property buyers risk missing agreed transaction deadlines, while entrepreneurs face suspended payments and shortages of working capital. In both cases, the money is still recorded in their accounts, yet they cannot meet financial commitments because access to it has been blocked.

The political context raises additional concerns. Alta Banka's owner has been linked to the Serbian Progressive Party, and the licence was revoked shortly after its election defeat. The National Bank of Serbia attributed its decision to the institution's deteriorating financial condition, and there is no evidence so far of other motives. Nevertheless, the sequence of events raises questions about the possible impact of political power struggles on banking operations and the protection of customers' interests.

Serbia's investment outlook will depend on regulators' actions and the outcome of the bankruptcy proceedings. Timely insurance payouts and a transparent process for selling the bank's assets could help restore depositors' confidence. Prolonged proceedings and substantial losses for creditors, by contrast, could deepen doubts about the reliability of the country's banking system.

Frequently Asked Questions About Alta Banka

How much money will Alta Banka depositors recover?

Deposit insurance covers up to €50,000 per person at a single bank. Balances held in multiple accounts belonging to the same customer are added together.

When will insured deposit payments begin?

Payments depend on a court decision opening bankruptcy proceedings. The Deposit Insurance Agency must begin payouts no later than seven working days after that decision.

How can Russian citizens claim compensation?

Eligibility for deposit insurance does not depend on Russian citizenship. Serbia's Deposit Insurance Agency will announce the claims procedure and the bank through which payments will be made.

What should customers do if they held more than €50,000?

They must submit a claim for the excess amount as part of the bankruptcy proceedings. The deadlines and required documents should be checked against official notices about the process.

In which currency will deposits be repaid?

Funds held in Serbian dinars will be returned without conversion, while foreign-currency deposits will be paid in euros at the prescribed exchange rate.