RCB CEO re-elected head of international banks
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.”