Serbian businessman Davor Macura, owner of Alta Bank, has been detained along with two other bank executives in an investigation into the alleged unauthorized withdrawal of approximately 45 billion dinars from the bank’s vaults. The collapse of the Serbian bank has also triggered emergency measures at its Macedonian affiliate, Alta Bank AD Bitola, leaving customers facing restrictions on access to their money.
Davor Macura, the owner of Alta Bank and a businessman whose political ties to Serbia’s ruling Serbian Progressive Party (SNS) have been reported by Serbian media, was detained overnight, according to Serbian authorities.
The detention followed police searches at Alta Bank’s premises that began on Saturday, October 31, and continued into Sunday. The searches also included Macura’s residential property.
Serbia’s Organized Crime Prosecutor’s Office confirmed on Monday that three people had been arrested: Macura, identified as a responsible person at Alta Bank, the bank’s director of treasury and cash management, and an employee responsible for treasury operations.
All three have been placed in custody for up to 48 hours.
According to the prosecutor’s office, Macura is suspected of abusing his position and unlawfully removing money from the bank’s vault, allegedly obtaining financial benefits of approximately 45 billion dinars. The other two suspects are accused of assisting him by providing access to the vault.
The investigation is ongoing, and the allegations have not been established by a court.
Serbian Central Bank Revokes Alta Bank’s License
The arrests came just days after the National Bank of Serbia revoked Alta Bank AD Belgrade’s operating license on October 30, following an assessment that the bank’s financial position had deteriorated significantly and that its liquidity could worsen further, putting depositors’ interests at risk.
The Serbian central bank said the Deposit Insurance Agency would take over the bank’s administration as part of the bankruptcy process. It also stated that appropriate proceedings had been initiated against the bank, its shareholders, management bodies and other responsible individuals.
Depositors will be able to access insured deposits of up to €50,000, in accordance with Serbian law.
Macura’s Expanding Business Interests in North Macedonia
Macura’s business activities in North Macedonia had expanded beyond banking into insurance and real estate.
Approximately six months ago, his group acquired the Bitola-based insurance company ZOIL Makedonija for around €1.7 million. Following the acquisition, the company changed its name, headquarters and ownership structure and began operating as Alta Osiguruvanje AD Skopje.
The transaction was completed in April through the purchase of a block of 60,000 shares for 104,881,800 denars, approximately €1.7 million. Macura acquired 100 percent of the voting shares, becoming the insurance company’s sole shareholder.
The company subsequently increased its share capital to approximately €4.3 million through an additional capitalization. Its headquarters were moved from Bitola to Skopje, to Boulevard 8 September.
Alta Group also entered the real estate market in Macedonia. In August, a new company, Alta Real Estate, was registered in Skopje, with its business activities focused on renting and managing owned or leased property. Alta Group was listed as its founder, while Tatjana Bundalo was appointed manager.
The group had previously expanded into the Macedonian banking sector by acquiring a majority stake in Stopanska Banka AD Bitola, which now operates as Alta Bank AD Bitola. According to Macedonian Stock Exchange data, Alta Bank Belgrade held more than 95 percent of the Bitola bank’s shares at the beginning of 2026.
Macedonia Takes Control of Alta Bank Bitola
The crisis in Serbia has now directly affected the bank’s operations in Macedonia.
On November 1, the National Bank of the Republic of Macedonia introduced temporary administration at Alta Bank AD Bitola, taking control of its management and appointing administrators to oversee its assets and operations.
The decision followed the revocation of the operating license of its Serbian majority shareholder.
Governor Trajko Slaveski said the measure was intended to protect the bank’s assets and depositors. He also reported that approximately €2 million had been withdrawn from the Bitola bank through cash withdrawals and transfers by the end of October 31.
Slaveski described Alta Bank Bitola as liquid and well-capitalized, emphasizing that the restrictions were preventive and did not mean the Macedonian bank had been closed or had lost its operating license.
Under the temporary measures, individual customers are limited to 10,000 denars per week in withdrawals and card payments using cards issued by the bank. Internal transfers between customer accounts within Alta Bank remain possible without an amount limit.
The bank announced that all its branches would temporarily stop serving customers from November 2 until further notice.
Customers in Bitola Queue to Access Their Money
While there were no significant queues outside the Alta Bank branch on Macedonia Street in central Skopje, the situation in Bitola was different.
Customers continued gathering outside the bank’s main branch, hoping to withdraw the money they had deposited.
Some expressed anger and fear, recalling the notorious TAT savings scandal of the mid-1990s, which devastated thousands of families, particularly in Bitola.
“We don’t want another TAT. Give us our money and pensions,” was the message heard from some customers waiting outside the branch.
The reference is to one of Macedonia’s most painful financial scandals, when large numbers of citizens lost access to their savings.
Questions Remain Over the Bank’s Future
The National Bank of Macedonia has taken over the temporary administration of Alta Bank Bitola while the future of its ownership remains uncertain.
The Serbian bank’s loss of its license and the criminal investigation into its management have raised questions about the future of the Macedonian subsidiary and the wider business interests of Alta Group in the country.
The immediate priority for the Macedonian regulator is to protect depositors and preserve the bank’s assets while determining the next steps regarding its ownership.
For customers in Bitola and elsewhere in the country, the central concern remains when they will be able to access their money without restrictions.
The developments in Serbia and Macedonia have turned Alta Group’s rapid expansion across the region into a major banking and business crisis.
