RCB CEO re-elected head of in­ter­na­tional banks

Financial Mirror (Cyprus) - - FRONT PAGE -

Kir­ill Zi­marin, Chief Ex­ec­u­tive Of­fi­cer of RCB Bank Ltd., was re-elected pres­i­dent of the As­so­ci­a­tion of In­ter­na­tional Banks in Cyprus fro another two years at the as­so­ci­a­tion’s 12th an­nual gen­eral meet­ing last week, a post he has held since 2008.

RCB Bank Ltd., one of four lo­cal sys­temic banks that un­der­went strin­gent cap­i­tal stress tests by the Euro­pean Cen­tral Bank last month, was es­tab­lished in 1995 as the Rus­sian Com­mer­cial Bank and presently op­er­ates branches in Nicosia, Li­mas­sol and Lux­em­bourg. The bank passed the ECB stress tests with fly­ing colours, with a re­ported Core Tier 1 cap­i­tal ra­tio of 16.78%, dou­ble the min­i­mum re­quire­ments.

RCB Bank an­nounced last month that it com­pleted a $124 mln eq­uity cap­i­tal in­crease by at­tract­ing a strate­gic in­vestor, Rus­sia’s Otkri­tie Fi­nan­cial Cor­po­ra­tion Bank, tak­ing a 19.85% stake and boost­ing eq­uity to beyond $500 mln. RCB’s main founder share­holder, the VTB Group, has now re­duced its di­rect stake to 46%.

In his speech at the AIBC meet­ing, Zi­marin said: “In­ter­na­tional banks are play­ing an ever more sig­nif­i­cant role and over the past few years their mar­ket share by as­sets has grown from 8% to 22%. In­ter­na­tional banks have sig­nif­i­cant re­serves in terms of cap­i­tal and liq­uid­ity, and are ready to ex­tend their lend­ing pro­grammes to Cypriot com­pa­nies. There­fore, it’s fair to say that in­ter­na­tional banks could be among the key driv­ers be­hind the re­cov­ery and growth of the Cyprus econ­omy and its bank­ing sec­tor.”

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