Alta Bank Serbia case draws comparisons to Eurostandard Bank

Alta Bank Serbia has emerged as a significant player in the Serbian banking sector, holding 2.9% of the market with assets totaling approximately 1.84 billion euros, according to National Bank of Serbia data from late July. The bank reported profits of 140.8 million dinars in the first quarter and 244.37 million dinars in the second quarter of this year.

Originally established as Jubmes Bank in 1979, the institution was transformed into a commercial bank following legislative changes in 1997. In 2019, the Serbian government sold its 28.51% stake to Alta Pay Group, a private system of exchange offices owned by businessman Davor Matsura. The bank officially rebranded as Alta Bank a.d. Belgrade in March 2020 after the group assumed full ownership.

Analysts have drawn parallels between the Alta Bank case and the history of Eurostandard Bank in Macedonia. Eurostandard Bank, founded in 2001 with Swiss and domestic capital, was notably associated with businessman Trifun Kostovski.