Serbian bank “Alta” owned by businessman Davor Macura, a step towards entering North Macedonia

Serbian bank “Alta” owned by businessman Davor Macura, a step towards entering North Macedonia

Serbian bank Alta, owned by businessman Davor Macura’s Alta Group, is on the verge of acquiring Stopanska Banka Bitola, which according to political and economic analysts represents a direct penetration of Serbian President Aleksandar Vučić into the financial sector in North Macedonia, reports Portalb.mk.

Alta Banka, formerly known as Jubmes Banka, was transformed and renamed in 2020. Today, it is fully owned by Alta Pay Group doo, a Serbian company owned by Davor Macura.

Macura is known to the Serbian public as a businessman who has seen rapid growth in the last decade, parallel to the government of the Serbian Progressive Party (SNS). His closeness to the government and to President Vučić himself makes the purchase of a Macedonian bank a matter that goes far beyond a simple economic deal.

Political dimensions

Alta Banka’s entry into Macedonia is also interpreted as part of Belgrade’s broader strategy to strengthen its economic and political influence in the region. DUI has publicly warned that this acquisition represents “an attempt by Belgrade to secure strategic control over key institutions in the country,” which is part of the concept of the so-called “Serbian world.”

However, analysts warn that by establishing a domestic bank, Vucic gains a direct channel of influence over North Macedonia’s financial system – a sector of strategic importance for any country.

Alta Group submitted a bid for the full takeover of Stopanska Banka Bitola, offering 3,777 denars per share, which values ​​the bank at around 24 million euros.

Although the Securities and Exchange Commission initially halted the procedure due to changes in the buyer’s structure, the Serbian side remains determined to complete the deal through a new legal entity within the group.

Risks and implications

The takeover of a Macedonian bank by an institution directly linked to a businessman close to Vučić raises a number of questions:
• Will Belgrade’s political influence in the country increase?
• Will this have consequences for financial stability,
• And how it will affect the country’s economic independence.

Experts warn that although foreign investments bring in new capital, in the case of Alta Banka there is a clear political dimension that requires a cautious approach and strong institutional oversight.

With this agreement, Macedonia is facing a new reality – Vučić is gaining direct influence in the country through the banking sector.

Recall that new EU report, which was adopted by the European Parliament, warned of the growing influence of Russia and China and condemned the promotion of the concept of a “Serbian world” by North Macedonian officials. 

“The EP expresses its concern regarding the so-called ‘Serbian world’ project and that some representatives of the Government of North Macedonia are supporting and promoting this concept; the EP condemns participation in meetings aimed at creating a sphere of influence that undermines the sovereignty of other countries and the stability of the region,” the report states.