The Executive Board of the People’s Bank of Serbia has made a decision to revote ALTA Bank a.d. In Belgrade.

The Executive Board has concluded that the license revocation has preceded supervisory activities aimed at increasing the bank’s liquidity level. It has been found that the bank’s financial situation has deteriorated significantly over the past period and that there is the possibility of further deterioration of the financial situation or its liquidity. As a result, the interests of bank depositors have been endangered. Keeping in mind that the legal conditions for revocation of the bank’s labour license have been met, in line with the Bank’s Law, the People’s Bank of Serbia has made this decision with the aim of protecting the interests of depositors and maintaining the stability of the financial system. The Agency for Deposit Insurance will enable, within seven days of work, the payment of secured sums and the access of depositors to their devices, in line with the Law on Sect Insurance, the People’s Bank of Serbia reports.

Otherwise, the decision to close the bank comes after several days of controversy over its financial operations.

According to reports, doubts have been raised in Serbia and Northern Macedonia about the transfer of over 50m euros from Alta Banka to Northern Macedonia, with claims that Skopje could serve as the crossing point for further transfer of money to Moscow.

N1 reported that Serbian lawyer Ivan Ninic had raised doubts about accelerated transfers of liquid capital to accounts and legal subjects in Moscow and Skopje, starting on October 26th. Ninic had not first identified the bank, while Alta Banka’s name was later mentioned in media reports.

Source Layer: RTKLive