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RCB Bank Cyprus latest news: Bank will stop providing banking services to its clients from October 8

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RCB Bank Cyprus latest news: As of October 8, the bank will cease to provide banking services to its customers. The bank has warned its customers that within two months it will close their accounts. The last day of banking services – October 7, 2022.

In March, RCB Bank, which had close ties with clients from Russia, said it would give up its banking license and transform itself into a management company. In an agreement with the ECB, it stopped attracting new clients.

RCB Bank news today

The bank was planning to negotiate with clients whose liabilities mature after June 2022 about the terms of early repayment with payment of the full amount of the deposit and interest for the period during which the amount was held by the bank.

After all liabilities were fully repaid, RCB planned to transform itself into an asset management company, which would continue to manage the remaining loan portfolio and specialize in providing other services.

At the end of 2020, it had €2.75 billion in deposits, of which €769 million came from retail customers. The Cypriot bank had a combined loan portfolio of 3.5 billion euros. The bank indicated in reports that the most part of the credits were given to organizations which work in Russia and CIS countries.

RCB said in June that it had sold a portfolio of corporate loans worth €356 million to Hellenic Bank. The sale of the loan portfolio will strengthen RCB Bank’s capital and liquidity reserves and create additional reserves that will enable the bank to meet its obligations to all of its clients in full. It was expected that the bank would get more than 500 million euros from the deal.

Earlier we reported that Markets get restless ahead of weekend.

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