RCB Bank seeks to expand in Cyprus, focus on business lending
RCB Bank, the Limassol-based private bank that passed the ECB’s stringent stress tests in October 2014, plans to expand its presence on the island by providing more corporate lending.
Speaking during a business event held at the Leventis Gallery in Nicosia where Nobel economics laureate Christoforos Pissarides was the keynote speaker to an audience of 100 corporate executives, the bank’s Chairman Panayiotis Loizides announced RCB’s decision to substantially increase its local lending operations.
“Our prime concern and goal is to support business activity and the economy of Cyprus at large,” said Loizides, the former chief executive of the Cyprus Chamber of Commerce, KEVE.
Sotos Zackheos, Executive Director of RCB Bank, said that the bank is a financially strong and trusted, privately-owned Cypriot institution with resources to grant loans. As of March 31, its assets amounted to over EUR 11 bln and owner equity to EUR 500 mln.
“The bank aims to become one of the top players for local lending and the bank of choice for Cypriot businesses. Within this framework, our strategic plan also includes the significant increase of our presence throughout Cyprus,” stated Zackheos who reiterated RCB Bank’s commitment, as a major Cypriot bank, to fulfil its role in supporting the Cyprus economy.
In his key note speech, board member Dr. Christoforos Pissarides conveyed a positive message with regards to the state of the Cyprus economy, saying that “the public finances are on a sound footing and they should continue to i mprove. The reason behind this improvement lies with the overall better-than-expected performance of Cyprus economy at large”.
He presented several scenarios stressing that “fast structural reforms in product markets and the legal framework for business” are prerequisites for further economic growth in Cyprus.
Established in 1995, the bank operates branches in Nicosia, Limassol and Luxembourg.