Alta bank (Photo: Printscreen/Youtube)
On Nov. 3, the Commercial Court of Belgrade initiated bankruptcy proceedings for Alta Bank, appointing the Deposit Insurance Agency (DIA) as the bankruptcy administrator.
DIA’s Managing Board has selected state-owned bank Banka Postanska Stedionica as the agent bank to reimburse insured depositors of Alta Bank. The depositors can collect their insured funds over the next three years. Serbian deposit guarantee scheme covers natural persons, entrepreneurs, and micro, small and medium-sized entities by the limit of EUR 50,000, regardless of the currency or type of account they had in the bank.
Intesa Invest has said in a statement that it will take all necessary steps to protect investors' interests and report claims. “Any amount that will be collected will be included in the assets of the funds and will have a positive impact on the value of the investment unit. Other funds managed by Intesa Invest were not exposed to Alta Bank,” Intesa Invest said in the statement, adding that a limited amount of funds, significantly below the legal maximum, was deposited with Alta Bank.
Company Belgrade Waterfront has said in a release that Erste Bank is its main operating bank for regular business transactions, while “the exposure” to Alta Bank, whose license was revoked, is limited and does not represent a material risk for the company's liquidity or financial stability.
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