The National Bank of Serbia revoked Alta Banka’s licence after determining that the bank’s liquidity was insufficient and that depositors’ interests were at risk, according to the account. Alta, the country’s ninth-largest bank, had been closely associated with former President Aleksandar Vučić’s political circle and was used for payments including electricity bills, fines and other public services. The move came amid rumours that people close to Vučić had transferred large sums from Alta accounts to Russia and North Macedonia, though this was not established.

Account holders are entitled to compensation of up to €50,000 under Serbia’s deposit-guarantee scheme and can apply from Monday. Four members of the central bank’s supervisory board are seeking a criminal investigation into the bank’s oversight, saying they learned of its financial difficulties only shortly before the licence was withdrawn. The bank’s former president, Jorgovanka Tabaković, who was described as a Vučić confidante, opposes the investigation. Serbian banking officials said Alta’s problems had not affected other banks, which continued to operate normally.