> ## Content Index > Fetch the complete content index at: https://www.adriadefense.com/llms.txt > Use this file to discover other available public pages before exploring further. # Major Serbian Defense Manufacturers Had Alta Bank Accounts Before License Withdrawal - URL: https://www.adriadefense.com/public-records-list-serbian-defense-manufacturers-with-alta-bank-accounts-before-license-withdrawal/ - Published: 2026-11-02T09:15:00.000Z - Updated: 2026-11-02T09:45:17.000Z - Description: Public banking records identify Jugoimport-SDPR, Trayal, Zastava Oružje and other Serbian defense manufacturers with Alta Bank accounts before its licence withdrawal. - Author: AdriaDefense Desk - Tags: Serbia, SEE, Industry, Alta Bank, Defense Industry, Intelligence **Bank account records reviewed by AdriaDefense identify Jugoimport-SDPR, Milan Blagojević-Namenska, Zastava Oružje, Trayal and several other Serbian industrial companies as holders of accounts at Alta Bank. The records do not establish whether the companies had deposits in the bank when its operating licence was withdrawn.** Serbia's decision to withdraw the operating licence of Belgrade-based Alta Bank has brought attention to the bank's relationships with some of the country's leading defense manufacturers, following a review of publicly available corporate bank account records by AdriaDefense. The National Bank of Serbia (NBS) announced the withdrawal on October 31, 2026, citing a substantial deterioration in the bank's financial position and concerns about its liquidity and the protection of depositors. The Deposit Insurance Agency is expected to administer the bank's insolvency proceedings following the relevant court decision. An examination of publicly accessible records derived from the NBS Unified Register of Accounts identifies several Serbian defense manufacturers and related industrial companies with accounts previously listed at Alta Bank. The companies include Jugoimport-SDPR, Milan Blagojević-Namenska, Zastava Oružje, Sloboda Čačak, Trayal Korporacija and Prva Iskra-Namenska. A separate chemical company, Trayal-Hem, also appears in the records. These findings establish documented banking relationships. They do not establish the amount of money, if any, held by those companies at Alta Bank when its licence was withdrawn. ## Which Serbian Defense Companies Had Registered Alta Bank Accounts? AdriaDefense examined public company-account listings reproduced from the NBS Unified Register of Accounts, including records published by Overit Serbia and other corporate information platforms. The following companies had identifiable accounts associated with Alta Bank, whose Serbian bank identification code is 190: AdriaDefense | Data Review ## Serbian Defense Manufacturers With Documented Alta Bank Accounts Historical account records reviewed following the withdrawal of Alta Bank's operating licence in October 2026\. | Company | Location | Documented accounts | | ------------------------- | ---------- | ------------------- | | Jugoimport-SDPR | Belgrade | At least 1 | | Milan Blagojević-Namenska | Lučani | 3 | | Zastava Oružje | Kragujevac | 2 | | Sloboda | Čačak | 1 | | Trayal Korporacija | Kruševac | 1 dinar account¹ | | Prva Iskra-Namenska | Barič | 1 | | Trayal-Hem | Kruševac | 1 | ¹ Trayal's 2025 financial report also identifies a foreign-currency banking relationship with Alta Bank. **Source:**Historical NBS-derived company account records and Trayal Korporacija's 2025 annual report. Records primarily reflect snapshots from July and August 2026\. **Note:**The existence of a registered account does not establish a positive deposit balance, account activity or financial exposure at the time of Alta Bank's licence withdrawal. AdriaDefense Research The company-specific records were collected primarily in July and August 2026, before the withdrawal of Alta Bank's licence. They therefore represent historical register snapshots rather than confirmed account positions on October 31. The records also show that several of the companies maintained accounts with other Serbian banks, including Srpska banka, Banca Intesa, Banka Poštanska štedionica and others. An important distinction is that a registered account does not establish a positive deposit balance. Companies may maintain accounts for specific transactions, customer payments or other operational purposes without holding significant funds in them. ## Trayal's Financial Report Provides Additional Confirmation One of the clearest documentary links comes from Trayal Korporacija, the Kruševac-based industrial manufacturer involved in explosives, rocket propellants and other defense-related products. In its published annual financial report for 2025, Trayal explicitly lists Alta Bank among the financial institutions where it maintained both domestic business accounts and foreign-currency accounts. The report, filed with the Belgrade Stock Exchange, therefore provides direct corporate confirmation of the banking relationship beyond third-party business registries. Trayal reported total cash and cash equivalents of RSD 297.06 million at December 31, 2025\. However, the figure represents the company's aggregate cash position across its financial accounts and other cash equivalents, not funds specifically held at Alta Bank. **The report does not disclose the balance attributable to Alta Bank, and the figure cannot be used to estimate the company's financial exposure to the bank's subsequent licence withdrawal.** The banking relationship is notable given Trayal's role in Serbia's military production supply chain. As [AdriaDefense reported in October](https://www.adriadefense.com/serbia-opens-ammonium-perchlorate-plant-at-trayal-expanding-domestic-rocket-propellant-supply-chain/), the company recently expanded domestic capabilities for producing ammonium perchlorate, a material used in solid rocket propellants. There is no verified evidence that the withdrawal of Alta Bank's licence has affected this project or Trayal's production operations. ## Jugoimport, Zastava and Milan Blagojević Also Appear in the Records Jugoimport-SDPR, Serbia's state-owned defense exporter and industrial group, appears in NBS-derived records with an Alta Bank dinar account opened in February 2007. The records also identify three Alta Bank accounts belonging to Milan Blagojević-Namenska, a major Serbian manufacturer of propellants and explosives in Lučani, and two accounts associated with Kragujevac-based firearms manufacturer Zastava Oružje. At least one Alta Bank account is also recorded for Sloboda Čačak, a producer of military ammunition, and one for Prva Iskra-Namenska in Barič, which manufactures explosives. Some accounts associated with Milan Blagojević-Namenska and Zastava Oružje were marked as subject to enforcement-related restrictions in historical records. Those classifications predate Alta Bank's licence withdrawal and must not be attributed to the bank's October 2026 regulatory action. The companies' documented account histories do not establish whether the accounts were actively used for significant transactions in the period immediately preceding the withdrawal. ## What Happens to Corporate Deposits? The National Bank of Serbia said the licence withdrawal followed supervisory measures aimed at improving Alta Bank's liquidity. According to the regulator, the bank's financial condition had deteriorated significantly, creating risks to depositors and other creditors. Serbia's Deposit Insurance Agency announced that reimbursement of eligible insured deposits would begin no later than seven business days after the Commercial Court in Belgrade issues its decision opening insolvency proceedings. The country's deposit insurance system provides coverage of up to €50,000 per eligible depositor. This protection applies to individuals, entrepreneurs and micro, small and medium-sized legal entities, subject to the relevant statutory conditions. Large companies are not automatically covered by this scheme. Consequently, the treatment of any corporate funds at Alta Bank depends on the legal status of the depositor, the existence and amount of eligible deposits and the applicable insolvency process. AdriaDefense has not established whether any of the identified defense manufacturers had a positive account balance at the time of the licence withdrawal, whether they have claims against the bank or whether their business operations have been affected. ## Why the Banking Relationships Matter Serbia's defense sector includes manufacturers of ammunition, explosives, armored vehicles and military equipment, many of which operate complex supply chains and maintain international commercial relationships. The presence of several such companies in the same bank's historical account records is relevant to understanding the potential reach of a major banking disruption across the wider industrial economy. However, banking relationships are a routine part of corporate operations. The existence of these accounts does not suggest wrongdoing by any of the named companies or indicate that their banking arrangements were unusual or improper. As [AdriaDefense previously reported](https://www.adriadefense.com/serbia-expands-defense-production-capacity-with-new-contracts-signed-at-partner-2025/), Serbia has continued investing in defense manufacturing capacity through contracts and industrial modernization programs involving many of the same manufacturers. Whether Alta Bank's closure has had any measurable effect on those activities remains undetermined. For now, the available records establish that multiple Serbian defense manufacturers maintained documented banking relationships with Alta Bank before its licence withdrawal. Determining their actual financial exposure would require company-specific information about account balances, transactions and any outstanding claims. --- ### Sources and methodology This article is based on the National Bank of Serbia's October 31, 2026 announcement, the Serbian Deposit Insurance Agency's official notices, historical company-account information reproduced from the NBS Unified Register of Accounts, and Trayal Korporacija's published 2025 annual financial report. The corporate account records primarily reflect snapshots collected between July and August 2026\. They should not be interpreted as confirmation of balances, account activity or financial exposure on the date of the bank's licence withdrawal.