The National Bank of Serbia announced on October 31 that it had revoked the banking license of Belgrade-based ALTA banka. The regulator cited a deterioration in the bank's financial condition, the risk of a further decline in liquidity and the need to protect depositors.
A central bank statement dated October 31 said the decision had been made “today.” However, another statement from the regulator issued the same day gave October 30 as the date the license was revoked.
The Deposit Insurance Agency must arrange for insured depositors to be able to access their covered funds within seven working days.
The regulator said the Deposit Insurance Agency would be appointed by a court to administer the bankruptcy proceedings.