RCB Bank seeks to ex­pand in Cyprus, fo­cus on busi­ness lend­ing

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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