RCB Bank Ltd

History

2022

Closing of representative office in Russia

Main article: Foreign banks in Russia

Among the banks that closed the work of representative offices in 2022, the Cypriot RCB Bank (Russian Commercial Bank) with Russian roots, which received accreditation back in 2005, lasted the longest. Until November 2014, it was controlled by the Russian VTB, subsequently the state bank reduced its stake to 46.29% of the shares, from 2014 to 2017 the 19.8% stake belonged to Otkritie Bank.

Announcement of closing all customer bank accounts and transformation into an asset management company

In August 2022, it became known that RCB Bank will close the accounts of all customers from October 7 and terminate business relations with them, according to the bank's website.

The bank writes that this notice is final. RCB Bank has decided to scrap its banking business and banking licence to become an asset management company.

Transformation Plan from Bank to Asset Management Company

Cyprus Russian Commercial Bank, which was part of the VTB Group, on May 4, 2022 announced a decision to voluntarily leave the banking sector and become an asset management company. RCB is awaiting approval of a new license from the Central Bank of Cyprus. 266 bank employees will be dismissed, after May 15, RCB will close branches in Larnaca and Paphos, as well as representative offices in Moscow and Luxembourg. In the fourth largest bank in Cyprus, 356 people worked. Of these, 70% are citizens of Cyprus.

Introduction to the Bank of Provisional Administration

The European Central Bank introduced a temporary administration in the Cyprus RCB Bank to "assess the position on liquidity and capital and control the payment of funds to depositors." Next, the bank's "plan for voluntary termination of operations" will be implemented. Depositors will receive their funds or will be able to transfer them to another bank.

2020: Client funds in accounts €2.8 billion

As of the end of 2020 (Russian Commercial Bank), popular among Russians living in Cyprus, client funds in accounts amounted to €2.8 billion, of which retail depositors' money - €769 million.

2017: Branches in Cyprus in Luxembourg, representative offices in Moscow and London

As of April 2017, RCB Bank Ltd implements a universal bank business model and serves thousands of international and local customers. The Bank has branches in Cyprus - in Limassol, Nicosia and Paphos, a branch in Luxembourg, as well as offices in Moscow and London.

2016: Business Development

In February 2016, RCB joins forces with the European Investment Bank (EIB) and the Cypriot government to support small and medium-sized businesses. The Bank signs an agreement with the EIB and thus expands the access of small and medium-sized businesses to long-term financing on attractive terms.

RCB continues to improve its product line and is starting to release cards with contactless payment technology.

The bank becomes the main sponsor of the National Olympic Committee of Cyprus in order to support the development of sports in Cyprus and the country's performance on the world sports arena.

In 2016, RCB successfully undergoes stress tests by the European Central Bank. The results of the stress test show that under an unfavorable scenario, the Bank's Tier 1 capital adequacy significantly exceeds the regulator's requirements.

2014 - 2015: Expanding horizons

In 2014, RCB launches a special loan program for Cypriot companies to help local businesses implement investment projects. The bank is expanding its international network and opening a branch in Luxembourg. In the same year, RCB won the Cyprus Investment Promotion Agency (CIPA) award. This award is awarded annually to dynamic and innovative international companies in Cyprus that have achieved outstanding results in their market or industry segment.

In October 2014, the RCB successfully undergoes stress tests by the European Central Bank (ECB).

In November 2014, the Bank enters a development phase. By the decision of the shareholders, RCB increases capital through an additional issue of shares and attracts a strategic investor - Otkritie FC Bank, which is part of the largest private banking group in Russia. As a result of the additional issue, the Bank's capital rose to half a billion euros.

At the beginning of 2015, RCB adopts a business development strategy in Cyprus for the period up to 2020. In the summer of 2015, the Bank opened four branches in Limassol and Nicosia.

In October 2015, RCB received the prestigious Best Bank in Cyprus award in the Global Banking & Finance 2015 category from the authoritative magazine The European. The award is presented to the Bank at a charity evening at the Presidential Palace to mark its 20th anniversary. Awards in the Global Banking & Finance category are given to leading financial institutions around the world that thrive regionally and globally.

In November 2015, RCB was awarded the prestigious CIBA 2015 Business Award for Excellence. The association represents the interests of the international business community in Cyprus and is active in promoting the country as a center of international business.

2010 - 2013: A Time for New Opportunities

At the end of 2010, as part of the strategy, two branches of the Bank were opened in Limassol and Nicosia, as well as a representative office in London, and the activities of the representative office in Moscow were significantly expanded.

In 2011-2012, the Bank actively improves its product line, in particular, launches its own card products based on the Visa payment system, and improves transactional services. In cooperation with international partner banks, the investment business is developing - asset management, including individual trust management, operations with structured investment products, the line of derivative financial instruments is being improved, and the range of securities transactions is expanding. In 2012, the Bank migrated to the technology platform and launched an Internet bank with special solutions for corporate clients.

During the financial crisis in Cyprus in 2013, RCB strengthened its market leadership with a high level of liquidity and efficient management. The bank was one of the first to return to the obsluzhiva¬niyu of international clients without restrictions as early as May 2013.

In November 2013, in accordance with the shareholders' decision, Russian Commercial Bank (Cyprus) Limited received the name - "RCB Bank Ltd," which reflects the Bank's ability to work in international markets and serve thousands of local and international clients. The Bank's brand is associated with an impeccable reputation, premium quality of service and customer trust.

1995 - 2009: European Integration of Cyprus

RCB Bank Ltd, formerly Russian Commercial Bank (Cyprus) Limited, was founded on August 1, 1995, when the license of the Central Bank of the Republic of Cyprus for banking activities was obtained.

The initiative to open one of the first foreign subsidiary banks belonged to Vneshtorgbank (VTB), founded by the Government of the Russian Federation to serve foreign economic operations. The creation of the bank, strategically located at the intersection of trade routes in Europe, Asia and Africa, was a vivid confirmation of Russia's desire to develop economic ties with foreign countries.

Since the accession of the Republic of Cyprus to the European Union in 2004, the stage of development of the country and the RCB has begun.

In accordance with the EU regulatory requirements for financial activities and Cyprus law, the Bank has systematically implemented standards in the field of corporate governance, risk management, personal data protection, as well as in the field of countering the legalization of funds obtained by criminal means.

In 2008, the Bank's Board of Directors and shareholders approved a strategy aimed at stimulating growth and diversifying revenues. The business area was developed - wealth management services. To implement this strategy, the Bank attracted private investors, whose share was 40% in capital.