The Executive Board of the National Bank of Serbia has decided to revoke the operating license of Alta Bank a.d. Belgrade, the NBS announced overnight. The Deposit Insurance Agency will be appointed as the bank’s bankruptcy administrator by a court ruling, the statement specifies.
According to the NBS, the Executive Board concluded that the revocation of the license was preceded by supervisory activities aimed at increasing the bank’s liquidity.
“It was established that the bank’s financial condition had deteriorated significantly in the previous period, and that there was a possibility of further deterioration in its financial condition or liquidity, thereby putting the interests of the bank’s depositors at risk,” the NBS statement explains.
Given that the conditions for revoking the bank’s operating license had been met, the NBS stated that it had adopted the decision in accordance with the Law on Banks in order to protect depositors’ interests and preserve the stability of the financial system.
Within seven working days, the Deposit Insurance Agency will enable depositors to receive their insured amounts and access their funds in accordance with the Law on Deposit Insurance, the statement says.
As a reminder, as Serbian Times recently learned, Alta Bank had begun transferring large sums of money from the accounts of private individuals and companies in Serbia to accounts at foreign banks.
As our well-informed source said, “These are all companies and individuals connected to Vučić’s regime, who are now apparently trying to get their money out of Serbia before the Student List takes power.”
Consequently, the revocation of its operating license prevents Alta Bank from carrying out regular international money transfers, meaning it can no longer transfer clients’ funds to accounts abroad as it did while it was operating.
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Source: N1/Serbian Times Foto: Promo/NBS
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