National Bank appoints three administrators at Alta Banka in Bitola; 21 days to assess finances

The National Bank has appointed three administrators to take over management of Alta Banka in Bitola and given them 21 days to determine the lender's full financial position and deliver a written report.

The temporary administration was introduced for a three‑month period. The Serbian owner of the bank has a matter of days to put the shares up for sale; if he does not do so, the National Bank will assume the next procedural steps, officials said.

Siniša Naumovski, a former member of the National Bank's council, warned that time is critical. He said that although the Bitola bank is a distinct legal entity, recent developments in Serbia have damaged depositors' confidence and that the fastest way to calm the situation would be a rapid change of ownership.

Regulatory and political responses

Naumovski's review also notes that during the first nine months of the year the bank's loan portfolio grew by 28 percent while its cash holdings fell, and he questioned whether the Serbian investor was sufficiently vetted when acquiring Stopanska Banka Bitola.

From the government, spokesperson Marija Miteva told the TV programme 24 Analiza that state institutions are monitoring the situation and coordinating. She said pensions for about 11,000 pensioners have been paid and that special counters have been arranged for those without payment cards, while accusing SDSM of creating unnecessary panic with public statements.

In Serbia, insolvency proceedings have been officially opened for Alta banka. Serbian banking experts are reassessing whether bankruptcy was necessary, and economist Božo Drašković has said warning signs existed as long as a year ago. Questions are being raised about suspicious sums of some €380 million and whether the Serbian central bank acted quickly enough.

Photo: press material from the event