Alta Banka: Court Opens Bankruptcy, Poštanska Štedionica to Pay Depositors

The Commercial Court in Belgrade opened bankruptcy proceedings against Alta banka on Tuesday, 3 November, and appointed the Deposit Insurance Agency (AOD) as bankruptcy administrator. The agency’s management board chose state-owned Banka Poštanska štedionica to pay insured deposits to Alta’s clients. The National Bank of Serbia revoked Alta’s licence on 31 October.

When and how depositors get paid

The AOD said it will publish the payout start date and the list of Poštanska štedionica branches on its website, aod.rs, by Friday, 6 November. Payments must begin within seven working days, and depositors will have three years to collect their money.

Deposits are covered up to €50,000 per depositor, regardless of currency or type of account. The guarantee applies to individuals, entrepreneurs and micro, small and medium-sized companies. Dinar deposits are paid in dinars and foreign-currency deposits in euros, converted at the official middle rate on the day bankruptcy was opened. The agency said the deposit insurance fund has enough money to cover all insured amounts.

Clients with balances above the limit will be told how to file claims in the bankruptcy. The NBS has reminded borrowers that bankruptcy does not cancel their loans: instalments to Alta must still be paid.

The criminal case in the background

The bankruptcy runs alongside an investigation by the Prosecutor’s Office for Organised Crime, which suspects that Alta’s owner, Davor Macura, removed more than 45 billion dinars from the bank’s vault before the licence was withdrawn. Macura and two vault employees were detained earlier this week; the allegations have not been tested in court.

What it means for the market

The NBS has said Alta’s failure does not threaten the stability of the banking system. For clients, including many Russian relocants who held accounts at Alta, the immediate step is to check aod.rs on Friday and prepare identification documents for the paying branch.