North Macedonia Opposition Challenges Government Over Failed Serbian Bank Subsidiary
Political tensions rise as opposition leaders question the stability of Alta Banka Bitola.
1Political Conflict Over Banking
The Social Democrats, led by Venko Filipce, have accused the North Macedonian government of shielding the local subsidiary of the bankrupt Serbian Alta Banka. This follows criminal complaints filed by the National Bank against four senior opposition officials. The opposition claims these legal actions are designed to silence criticism regarding the bank's operations.
2Collapse of Serbian Parent
Serbia's central bank revoked the operating license of Alta Banka in Belgrade on October 31, citing a severe deterioration in its financial position. Bankruptcy proceedings were initiated immediately. Consequently, the North Macedonian subsidiary, where the Belgrade entity holds a 95.17 percent stake, was placed under temporary administration by local authorities on November 1.
3Public Access Restrictions
The placement of Alta Banka Bitola under temporary administration has triggered significant public concern. Customers face temporary restrictions on accessing their funds, leading to queues at ATMs across the country. The opposition questions whether public enterprises and citizens will be able to recover their deposits, citing potential stakes of 150 to 180 million euros.
4Opposition Allegations of Malpractice
Venko Filipce has raised serious suspicions regarding the bank's entry into the North Macedonian market in 2025. He alleged potential links between the bank's owner, Davor Macura, and Serbian political circles. The party is questioning whether the bank was utilized for money laundering involving Russian capital and if its reported financial assets actually exist.
5Government and Regulator Response
Prime Minister Hristijan Mickoski has called for a formal investigation into the opposition for alleged sabotage, claiming they are spreading fear. Meanwhile, Central Bank Governor Trajko Slaveski maintains that the subsidiary remains financially sound. He has refused to disclose details regarding corporate clients, citing banking secrecy laws to protect sensitive institutional financial data.
6Market Position and Scale
Despite the intense political storm, Alta Banka Bitola remains a relatively small player within the national banking sector. It ranked 12th among the country's 14 banks in 2025. With total assets of approximately 11.3 billion denars, or 184 million euros, it represents only 1.21 percent of the total North Macedonian banking market share.
7Lack of Transparency Concerns
The Chief Public Prosecutor, Nenad Saveski, declined to confirm whether an official investigation into the bank has been opened, citing confidentiality. This lack of transparency has fueled further skepticism from the opposition. They continue to demand clarity on how the bank received its operating permit and whether political influence affected regulatory oversight decisions.
8Future of the Subsidiary
The National Bank is currently seeking a potential buyer for the subsidiary to resolve the ownership crisis. While officials insist the institution is sound, the ongoing political confrontation complicates the recovery process. Observers are now watching to see if the government can restore public confidence before the banking situation escalates into broader instability.