Government in Podgorica halted loan arrangement with Serbia's Alta Bank

The Government of Montenegro withdrew its prior consent that would have allowed the company Lustica Development to establish a pledge over state property in Luštica Bay as collateral for a €15 million loan from Alta Bank – Belgrade.

The disputed property covers the harbor (marina) and the coastal promenade in the Luštica Bay complex near Tivat, built on state land covering about 18,000 square metres.

Approval revoked after one month

According to official data, on 29 June the Government accepted a request from Lustica Development that was intended to enable the registration of a pledge in favour of Alta Bank – Belgrade as security for repayment of a €15 million loan. On 28 July, the cabinet of Prime Minister Milojko Spajic changed the decision and revoked the previous conclusion, which in practice prevented the state property from being put up as collateral in favour of the Belgrade bank.

The explanation for the revocation did not state a specific reason, but said that "certain legal and factual circumstances" had occurred which ended the basis for the existence of the pledge. Data from the land registry that were checked show that no pledge in favour of Alta Bank is registered.

Lustica Development confirmed that it currently has no loan arrangements with Alta Bank, but did not answer whether it had previously taken loans from the bank, in what amount or what collateral had been used.

Alta Bank – Belgrade did not respond to questions about its past cooperation with the investor or about the planned €15 million loan. The Ministry of Urbanism, Spatial Planning and State Property explained that the Government had initially been prepared to allow the arrangement because of the importance of continuing the investment cycle, but that "Lustica Development" had not carried out the activities that had been set as conditions for implementing the consent; the ministry did not specify what those conditions were.

Besides legal and administrative issues, there are also political controversies surrounding Alta Bank. The bank, which last year bought Stopanska Banka – Bitola in Macedonia, is linked by the opposition in Serbia to owner Davor Macura and to high political circles in Belgrade. Authorities in Belgrade deny those accusations.

According to official data published by the bank, as of 17 July 2026 Alta Bank – Belgrade owns 95.1754 percent of the ordinary voting shares in the Macedonian Alta Bank, making it effectively the dominant owner. As a reaction in Skopje the political scene produced the slogan: "DUI: The entry of Serbia's Alta Bank into Macedonia is an attempt by Belgrade to secure strategic control over the country's key institutions".

Photo: Lustica Development