AGP Executive Report

Alta Bank Fallout: Belgrade’s Commercial Court opened bankruptcy proceedings after the central bank revoked Alta Banka’s licence. The owner and two staff members are under arrest over an alleged 45.6-billion-dinar vault theft; insured deposits up to €50,000 are protected, with repayments to be made through Poštanska Štedionica. Corruption Probe: The head of Serbia’s Hydrometeorological Institute was arrested on suspicion of laundering at least €650,000 and failing to declare assets, prosecutors said. Culture and Expo: A warning strike at the Museum of Yugoslavia raised concerns over staff pressure and the planned relocation of artworks from Tito’s Villa Mir. Separately, the Democratic Party challenged Culture Ministry payments for Expo-linked projects, alleging opaque selection and possible favouritism. Political Transition: After the Student List’s election victory, scrutiny of state institutions and the new coalition’s direction continues; its position on Kosovo and ties with Russia, China and the EU remains uncertain.

Alta Bank Investigation: Owner Davor Macura and two bank employees have been detained over alleged embezzlement of about 45 billion dinars (€383 million). The National Bank of Serbia revoked Alta Bank’s licence on October 31; deposits are insured up to €50,000, while the closure has also unsettled linked financial businesses in the region. Belgrade Finances: The caretaker government has allocated the capital another 5.98 billion dinars from its budget reserve, taking this year’s transfers to 7.23 billion. Officials cited unforeseen obligations but did not specify how the latest funds will be spent. Political Transition: The student-backed list won 53.01% in repeat voting at 53 polling stations, against 38.98% for United Serbia, deepening the shift after its broader election victory over Aleksandar Vučić’s ruling bloc. The winners are pressing for resignations across state institutions as the new parliament prepares to form a government.

Banking Fallout: Serbia’s central bank says the sector is stable and Alta Bank deposits are insured up to €50,000 after revoking the lender’s licence. Owner Davor Macura and two employees were detained over alleged unauthorised withdrawals of 45 billion dinars. Poštanska štedionica has asked the NBS to intensify oversight as it may handle insured payouts. Election Aftermath: The Student List won 53.01% in repeat voting at 53 polling stations, against 38.98% for United Serbia. The courts also released the names of 23 people pardoned by former president Aleksandar Vučić, including former interior official Dijana Hrkalović. Public Media: The Coalition for Media Freedom says resignations and staff changes at RTS and RTV are not enough; it is calling for systemic reform and safeguards for editorial independence. Separately, election monitoring found 1,474 journalists’ code violations in nine national newspapers. EXPO Scrutiny: Serbia’s Anti-Corruption Council says the special law for EXPO 2027 and the national stadium weakens legal safeguards and creates opportunities for corruption.

Election Results: Serbia’s Electoral Commission confirmed the Student List’s victory with 53.01% of the vote, against 38.98% for the United Serbia coalition, after repeat voting at 53 polling stations. Turnout in the rerun was 43.6%, with observers reporting cases including alleged vote-buying. Banking: The National Bank of Serbia revoked Alta Banka’s operating licence amid scrutiny of the bank and alleged transfers abroad. North Macedonia has placed its Alta Bank subsidiary under temporary administration; about €2 million was withdrawn before the move. Police Investigation: Criminal police chief Marko Kričak was arrested on suspicion of abuse of office and obstructing an investigation. Prosecutors deny the arrest is linked to the election, though student leaders had called for his removal. Novi Sad Tragedy: Serbia marked two years since the station canopy collapse that killed 16 people and sparked the student-led protests that reshaped the country’s politics.

Novi Sad Tragedy: Thousands gathered in rain to remember the 16 people killed in the railway-station canopy collapse two years ago. The disaster sparked the student-led anti-corruption movement, which went on to defeat the ruling party in last week’s election. Election: Voting was repeated at 53 polling stations in 24 municipalities, with 24,438 people eligible. Observers reported isolated allegations of vote-buying and other irregularities; preliminary results from the main vote put the Student List ahead with 53.04%. Presidential Vote: Acting President Ana Brnabić says the presidential election must be called by Dec. 27, unless new institutions are formed sooner and another official takes over. Banking: Serbia’s central bank revoked Alta Bank’s licence, and North Macedonia imposed temporary controls on its Bitola affiliate after about €2 million was withdrawn there on Saturday. Addiko Bank said its services and customers’ funds are unaffected.

Banking Investigation: Serbia’s central bank revoked Alta Bank’s licence on Oct. 31, citing a sharp deterioration in its finances. Organised-crime prosecutors are investigating possible transfers abroad and whether officials broke the law; no wrongdoing has been established. Deposits up to €50,000 are insured. The move came six days after the student-backed election victory, and Alta’s owner has reportedly had ties to Aleksandar Vučić’s political circle. Political Transition: The Student List won 53% of the vote and 140 of parliament’s 250 seats, ending the Serbian Progressive Party’s 14-year rule. The incoming movement is pressing for resignations across state institutions, while its leadership and plans for government are still taking shape. Novi Sad Tragedy: Serbia marks two years since the railway-station canopy collapse killed 16 people. The disaster sparked the student protests that grew into a nationwide anti-corruption movement and helped drive the election result.

Power Shift: After the Student List’s election victory ended the SNS’s 14-year rule, Aleksandar Vučić urged party members to unite and fight the incoming movement. Senior staff changes at state broadcaster RTS add to a tense transition. Alta Bank: The National Bank of Serbia revoked the lender’s license, citing worsening finances and liquidity risks. Customers gathered outside branches as transactions halted; insured deposits of up to €50,000 are expected to be paid from Monday. Students had previously criticized the use of Alta Bank for electricity-bill payments, alleging political ties. Investigation: The Organized Crime Prosecutor’s Office says a criminal complaint was filed against Alta Bank and several officials, with investigators checking transfers abroad and possible responsibility at the central bank. The Democratic Party has also called for Governor Jorgovanka Tabaković and bank owner Davor Macura to be questioned.

Banking: Serbia’s central bank revoked ALTA Bank’s operating licence on October 31, citing liquidity concerns after earlier efforts to strengthen the bank. The Deposit Insurance Agency is expected to act as bankruptcy administrator. Election Aftermath: Student List’s victory has raised hopes for institutional reform, but election watchdog Crta’s Raša Nedeljkov warns that stronger polling-station oversight reduced irregularities without dismantling the system that enabled them. The movement is pressing for resignations among senior state officials. Energy Policy: Incoming leaders plan to negotiate a long-term gas supply deal with Russia, signalling that cooperation with Moscow is likely to continue despite uncertainty over the new government’s broader foreign policy. EXPO 2027: Organisers told Greek business and tourism representatives that the Belgrade event could generate about €9 billion in additional economic value over a decade and support roughly 350,000 jobs.

Power Shift: Serbia’s Student List secured 141 parliamentary seats to the SNS’s 103. Acting President Ana Brnabić urged a swift government formation and called for calm; presidential elections must be called by December 27. Accountability: Student representatives are demanding resignations among police, security and judicial officials and investigations into alleged corruption, including the deadly Novi Sad station canopy collapse. Police also removed bags and boxes of suspected improperly destroyed records from the PIO pension fund. Media Reform: Journalists called for public funding to be suspended for outlets accused of breaking the law and urged the media regulator to revoke TV Informer’s licence. Serbia’s public broadcaster has apologised for biased coverage, and its director-general has resigned. Business Transition: Chamber of Commerce head Marko Čadež announced his resignation and urged institutions to keep permits, production and investment moving during the change of power. EXPO 2027 organisers are also promoting stronger trade and tourism ties with Greece.

Media Reset: Serbia’s state broadcaster RTS apologised for years of one-sided coverage and said it would work to regain public trust. Eight editors have been removed and its director-general has resigned following the Student List’s election victory. Transition of Power: The student movement is calling for senior police, intelligence and judicial officials to resign, corruption cases to advance and election results to be certified after reruns at about 50 polling stations. It has also urged public servants to prevent the destruction of records as the outgoing government remains in office during the transition. Business: Serbia’s micro, small and medium-sized businesses and sole traders grew by nearly 30,000 between 2022 and 2024, reaching about 369,000, according to the national statistics office.

Power Transition: The student-backed Student List’s decisive election win is already reshaping Serbia’s politics. It has called for senior police, intelligence and judicial officials to resign, corruption cases to be pursued and public institutions audited, while urging officials to preserve records during the transition. State Institutions: Serbia’s caretaker government adopted documents on EU integration, finance, health and infrastructure. At RTS, newly appointed news editor Borivoje Uskoković promised reporting free of political pressure, after the broadcaster’s leadership changes. Accountability: A Belgrade professor has called for an independent safety review of Expo 2027 sites, citing reports of 270 defects at one facility and the deadly Novi Sad station collapse that sparked the student movement. Economy: The World Bank forecasts 3.1% growth across the Western Balkans in 2026, but warns that red tape and costly cross-border trade still hold businesses back.

Power Transition: Acting President Ana Brnabić accused election winners of seeking Aleksandar Vučić’s arrest after calls to question him over the Novi Sad station collapse, which killed 16 people. The student-backed Student List won Sunday’s election with a projected parliamentary majority, but the transfer of power is still ahead. Accountability: The new majority faces calls to reform security services and tackle alleged corruption and criminal links in state institutions. Media Reform: RTS chief Manja Grčić resigned after demands to depoliticise public broadcasting; RTV has also apologised for years of one-sided coverage. Economy: The World Bank expects Serbia’s economy to grow 3.1% in 2026 and 3.7% in 2027.

EU Accession: Enlargement chief Marta Kos warned Serbia’s path to EU membership could stall unless it aligns with the bloc’s Russia sanctions policy. Brussels also says the incoming government must honor existing Kosovo dialogue agreements, including the Ohrid deal. Power Shift: The student-backed Student List won 52.7% of the vote, ending the SNS’s 14-year rule. Its leaders say EU integration and dialogue with Kosovo will continue, but forming a government and delivering reforms remain major challenges. Accountability: Prosecutors are reviewing stalled cases, including the Novi Sad station canopy collapse that killed 16 people. Forbes Serbia says investigators should question former president Aleksandar Vučić about his knowledge of the project. Media and Security: Vojvodina’s public broadcaster apologized for years of one-sided reporting after the election. In Belgrade, police shot dead a knife-wielding attacker outside the Israeli embassy; authorities described the incident as a terrorist attack.

Security: Serbia raised its terrorism alert to the highest level after a knife-wielding attacker wounded a Gendarmerie officer outside Israel’s Belgrade embassy shortly after midnight. The officer shot the assailant dead; Interior Minister Ivica Dačić said the suspected minor had been monitored over alleged Islamic State links. Police increased security at key sites as the investigation continued. Political Transition: The student-backed list’s election victory has ended Aleksandar Vučić’s 14-year rule, but the movement has yet to name its prime minister or set out how it will govern. Its promises include tackling corruption, strengthening media freedom and restoring the rule of law; delays or appeals could complicate the handover. Energy and Business: Serbia’s new leadership may reshape ties with Hungary, a key partner in gas, electricity and oil. The student list’s platform calls for more renewable power, an end to lithium-mining plans and a shift away from fossil fuels, putting existing energy cooperation under scrutiny. Election Oversight: Prosecutors are examining complaints that Foreign Minister Marko Đurić and diplomats obstructed diaspora voting, though the status and scope of the proceedings remain unclear.

Election Shock: Serbia’s student-backed list won a projected 141 of 250 parliamentary seats, ending Aleksandar Vučić’s 14-year rule. The movement now has a clear mandate but no settled leadership or detailed governing programme. Transition Test: Forming a government will take weeks, and the students face high expectations as they promise to tackle corruption, strengthen the rule of law and free the media. Their position on Serbia’s ties with the EU and Russia remains uncertain. Media and Tensions: Protesters entered pro-government Informer TV’s newsroom after the result; Vučić warned his supporters could “self-organize” if state authorities fail to act. The student movement has called for changes at public broadcaster RTS and urged supporters to avoid violence. Economy: The World Bank expects Serbia’s growth to top 3% in 2026, helped by the restart of the oil refinery and Fiat’s factory, though employment fell in the first half of the year.

Historic Vote: Serbia’s Student List won about 53% of Sunday’s vote, securing roughly 139 of 250 parliamentary seats and ending the Serbian Progressive Party’s 14-year rule. Aleksandar Vučić conceded defeat after turnout approached 70%. What Comes Next: The leaderless movement has 90 days to form a government. Its promises include anti-corruption action, judicial reform and stronger public services, but its governing team and approach to EU ties, Russia and arms exports remain unclear. Media Tensions: A day after the result, protesters entered pro-government outlet Informer’s Belgrade newsroom and confronted its editor; police later evacuated staff. RTV Vojvodina’s chief editor resigned after the broadcaster apologized for years of one-sided coverage. EU Path: European observers welcomed the high turnout and called for reforms, while Slovenia said it would block progress in Serbia’s EU accession talks until Belgrade hands over former Yugoslav security archives.