RCB Bank opens 5th branch, one more to go

Financial Mirror (Cyprus) - - FRONT PAGE -

Li­mas­sol-based RCB Bank, one of four sys­temic banks in Cyprus that passed the ECB stress tests last Oc­to­ber with fly­ing colours, has opened a new branch in Nicosia, rais­ing the to­tal net­work to five, while it also plans to open one more soon.

The new branch is lo­cated on the cen­tral Li­mas­sol Av­enue at the en­trance of Nicosia and will pro­vide ser­vices to both lo­cal re­tail and cor­po­rate clients, with the ben­e­fit of all branches op­er­at­ing at the more busi­ness-friendly hours of 9am to 5pm, de­spite labour agree­ments forc­ing other banks to roll down their shut­ters by 3pm

In July, RCB an­nounced it was open­ing two new branches, one in Nicosia on 28th Oc­to­ber Av­enue in En­gomi, and one in Li­mas­sol on Kolon­akiou street in Linope­tra.

Sug­gest­ing that RCB plans to ex­pand its oper­a­tions, the com­pany said in an an­nounce­ment that the open­ing of new branches “con­sti­tutes yet another step in re­al­is­ing RCB Bank’s plan to in­crease its lo­cal mar­ket oper­a­tions and thus fur­ther so­lid­ify its lead­ing po­si­tion as a trust­wor­thy, Cypriot bank.”

RCB Bank was es­tab­lished in 1995, is a mem­ber of the SSM mech­a­nism and un­der di­rect su­per­vi­sion of the Euro­pean Cen­tral Bank. As of March 31, its as­sets amounted to over EUR 11 bln and owner eq­uity to EUR 500 mln. The bank also op­er­ates a branch in Lux­em­bourg.

Last Novem­ber, the bank an­nounced that it raised $124.2 mln in fresh eq­uity af­ter Otkri­tie Fi­nan­cial Cor­po­ra­tion Bank, the sec­ond largest pri­vately owned and sixth largest bank in Rus­sia, ac­quired a 20% stake. Af­ter the deal, Rus­sia’s VTB Group re­duced its stake to 46.29% and RCB Bank, for­merly the Rus­sian Com­mer­cial Bank, was no longer con­sid­ered a sub­sidiary bank, even though VTB also main­tains a mi­nor­ity stake in the par­ent Otkri­tie Hold­ing. Since 1997, Otkri­tie has also had a pres­ence in Cyprus through its fi­nan­cial ser­vices and bro­ker­age firm, Otkri­tie Fi­nance (Cyprus) Lim­ited.

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