In brief

• Serbia's central bank revoked the license of Alta, a bank many Russian emigrants used, and froze client accounts.
• Police detained the bank's owner, Davor Macura, a businessman linked to the Serbian Progressive Party and former president Aleksandar Vučić.
• Prosecutors are investigating a possible outflow of funds abroad, and authorities promised to return up to 50,000 euros in lost deposits.

Central bank revokes license and freezes accounts

Serbia's central bank revoked the operating license of Alta bank on 30 October, and client accounts were frozen (Nova.rs: в Сербии задержали Давора Мацуру — владельца банка Alta, у которого отозвали лицензию. В этом банке хранили средства российские эмигранты – Meduza). The central bank said the move was made to protect depositors and keep the financial system stable (В Сербии отозвали лицензию у банка Alta, популярного у россиян – Meduza). Its executive board said earlier control checks had found that the bank's financial position had worsened significantly and that depositors' interests were at risk (Narodna banka Srbije oduzela dozvolu za rad ALTA banci - nova.rs – nova.rs). The Deposit Insurance Agency was appointed as bankruptcy administrator.

Owner detained after police searches

On Monday, Serbian police detained Davor Macura, a businessman linked to the Serbian Progressive Party and to former president Aleksandar Vučić, and the owner and head of Alta (Prezes banku próbował uciec do Rosji. Policja zatrzymała biznesmena – Bankier.pl). Nova.rs reported the arrest, but authorities had not confirmed it officially. Police had searched the bank's premises for more than 30 hours before the detention. The Financial Times reported that Macura tried to flee to Russia after the ruling party lost the parliamentary election (Serbia shuts down bank favoured by Russians – Financial Times).

A bank popular with Russian emigrants

Alta was one of the largest banks in Serbia and one of the few that opened accounts for Russian emigrants. Many newcomers were advised to open accounts there. Deposits are insured up to 50,000 euros per client. Authorities have promised to return up to 50,000 euros in lost deposits after the bankruptcy procedure formally starts, which was expected on 2 November (Многие российские эмигранты в Сербии остались без денег после краха банка Alta. Им обещают выплаты с замороженных счетов, но пока выкручиваться приходится самим. Вот что они придумывают — и как им помогают сербы – Meduza).

Investigation into transfers

Serbia's prosecutors for organized crime opened an investigation into a possible outflow of funds abroad. The Financial Times reported that the bank is suspected of wiring large sums out of the country. Four deputy governors of the central bank asked prosecutors to check whether the license revocation was lawful.

Aid for affected clients

Russian-speaking communities in Serbia organized collections for affected clients. Volunteers gather food, diapers, baby food, pet food, cleaning products and hygiene items in Belgrade, Novi Sad and Kragujevac.