The owner of Alta Bank has been arrested in Serbia: what is he accused of?
2 November 17:43
Serbian police have arrested businessman Davor Matsura, the owner of the scandal-plagued Alta Bank, which has gained popularity among Russian expatriates. Late last week, the bank lost its license, leaving thousands of its customers unable to access their money. Matsura is suspected of violating paragraph 3 of Article 227 of the country’s Criminal Code (“abuse of official position”), reports Blic, citing the Serbian Prosecutor’s Office, as relayed by "Komersant Ukrainian".
Along with the banker, two of his subordinates responsible for securities transactions were detained. According to law enforcement, Matsuru gained access to the bank’s vault with the help of employees, from which he was able to remove large sums of cash. The banker “misappropriated depositors’ funds and obtained an illegal financial benefit amounting to approximately 45 billion dinars [about 383 million euros],” the Serbian prosecutor’s office stated.
Last weekend, the Executive Board of the National Bank of Serbia revoked Alta’s license due to its liquidity problems and “a threat to the interests of the bank’s depositors.” Regulatory authorities have also initiated bankruptcy proceedings against the company. Police have already conducted a 30-hour search of the bank’s premises.
During Aleksandar Vučić’s time in power, Matsura gained a reputation as a businessman with close ties to the government. Critics accused the owner of Alta of corruption and opaque deals. Immediately after the defeat of Vučić’s Progressive Party in the parliamentary elections on October 25, Matsura’s bank found itself at the center of a political scandal over transactions totaling 50 million euros to North Macedonia. The financial institution was suspected of massive money transfers abroad for the benefit of the country’s former leadership.
The scandal surrounding Alta has hit emigrants who moved to Serbia from Russia. Previously, Matsura Bank was considered one of the most convenient banks among Russians living in the Balkan country, especially for conducting business. According to its 2025 financial report, the bank’s number of active customers increased by 40% year-over-year to 66,500, partly due to customers from Russia. However, following allegations that Alta was involved in illegal transactions and the revocation of its license, customer accounts were frozen, and the bank itself was disconnected from the fast-payment system.
The state-run Deposit Insurance Agency will handle the return of funds to both Serbian citizens and foreign customers, and has assured that payments will begin no later than one week from now. Alta’s deposits are insured for up to 50,000 euros per customer.
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