Serbia shuts down bank favoured by Russians

Live updates

1. 1h ago

   Serbia revokes Alta Bank license and detains owner

   Serbian authorities have shut down Alta Bank and detained its owner, Macura, on accusations of siphoning money. The bank's closure has frozen the savings of thousands of Russian emigrants and threatened the stability of Idea Market and its 7,000 employees. The fallout extends beyond Serbia, as the Alta Group now faces regulatory measures in Montenegro and North Macedonia. Additionally, Raiffeisen has canceled the sale of its Addiko units following the crackdown on the buyer.

   Why it matters

   Alta Bank was a preferred institution for Russian nationals in Serbia. The owner is reportedly linked to President Vucic's political party.

   What is confirmed

   • Serbia has shut down Alta Bank and revoked its license.
   • The owner of Alta Bank, Macura, has been detained.
   • The closure of the bank has frozen the savings of thousands of Russian emigrants.
   • Raiffeisen canceled the sale of its Addiko units because the buyer is facing a crackdown.

   Still unconfirmed

   • The owner of Alta Bank is linked to Vucic's party.
   • The owner of Alta Bank is accused of siphoning money.
   • Alta Group is facing regulatory measures in North Macedonia and Montenegro.
   • The collapse of the bank threatens 7,000 workers at Idea Market.

   What to watch next

   • Court rulings regarding the charges against Macura
   • Official statements from Serbian regulators on the release of frozen Russian savings
   • Confirmation of regulatory actions in Montenegro and North Macedonia
   Sources used for this update (10)

   1. www.straitstimes.com — Oil edges lower following three days of gains
   2. Financial Times — Serbia shuts down bank favoured by Russians
   3. WRAL — Owner of private Serbian bank detained and accused of siphoning money
   4. Bloomberg.com — Raiffeisen Scraps Addiko Units Sale After Buyer Faces Crackdown
   5. Meduza — ‘I have two days until the food in my fridge runs out’: Thousands of Russian emigrants left scrambling after Serbia shuts down Alta Bank, freezing their savings
   6. vreme.com — The fate of Idea Market and 7.000 workers after the collapse of Alta Bank
   7. Bloomberg.com — Serbia Police Arrest Macura, Owner of Alta Banka, N1 Reports
   8. Türkiye Today — Serbia revokes licence of Alta Bank, owner linked to Vucic’s party
   9. connectingregion.com — Alta Group Faces Regulatory Measures in North Macedonia and Montenegro
   10. Briefs Finance — Serbia Detains Alta Banka Owner Amid License Revocation
   confidence 90%