in-cyprus 23 December 2022 - by Annie Charalambous
The European Central Bank (ECB) has withdrawn Cypriot lender RCB‘s banking license, months after the central bank restricted parts of its business.
In March, RCB Bank struck a deal with Hellenic Bank for the sale of a performing loan portfolio valued up to €556 million. The ECB permitted that deal but restricted the rest of the bank’s business.
In a statement late on Thursday, the ECB said the decision follows the completion of RCB‘s voluntary phasing out of its banking operations.
RCB started operations in 1995 that were mainly geared towards the Russian business community on the island. In March it said would cease new business with clients.
