RCB Bank board agrees on new five-year strat­egy

Financial Mirror (Cyprus) - - CYPRUS -

The board of RCB Bank has ap­proved a new five-year strat­egy for 2019-2023, which aims at op­er­a­tional ex­cel­lence, in­no­va­tion and or­ganic growth.

The bank said it will con­tinue its’ path of suc­cess­ful de­vel­op­ment as one of the ma­jor Cypriot fi­nan­cial in­sti­tu­tions.

The key pil­lars of the new five-year strat­egy in­clude fur­ther ex­pan­sion in the do­mes­tic mar­ket, in­creas­ing the loan port­fo­lio to cor­po­rates, fo­cused in­ter­na­tional pri­vate bank­ing busi­ness as well as tech­no­log­i­cal in­vest­ments for the de­vel­op­ment of in­no­va­tive prod­ucts for cus­tomers.

RCB Bank said it will op­ti­mise its or­ga­ni­za­tional struc­ture and busi­ness pro­cesses to be aligned with new strate­gic tar­gets.

RCB chair­man Panayi­o­tis Loizides said: “The bank is in a strong fi­nan­cial po­si­tion to ex­e­cute our am­bi­tious plan and to con­tinue de­liv­er­ing our com­mon vi­sion to of­fer the best cus­tomer ex­pe­ri­ence and sup­port Cyprus’ econ­omy.”

An RCB spokesper­son told the Fi­nan­cial Mir­ror that its do­mes­tic cus­tomer base of Cypriot clients has been grow­ing his­tor­i­cally by 30% an­nu­ally.

“We plan to in­crease it fur­ther in-line with the growth plan of de­vel­op­ment of loan port­fo­lio and de­posit port­fo­lio,” said the of­fi­cial.

The bank is not con­sid­er­ing any branch ex­pan­sion at it feels there is suf­fi­cient cov­er­age for its cus­tomer base, but it does con­sider in­vest­ments into dig­i­tal bank­ing tech­nolo­gies of “strate­gic im­por­tance” for RCB.

“There­fore, the bank is con­tin­u­ously en­hanc­ing its dig­i­tal chan­nels and in­tro­duc­ing new dig­i­tal prod­ucts and ser­vices, which al­low pro­vid­ing bank­ing ser­vices re­motely via con­ve­nient cus­tomer in­ter­faces,” said the spokesper­son.

“In 2018 the bank launched its new Mo­bile Bank­ing ap­pli­ca­tion, in­tro­duced mul­ti­c­ur­rency card prod­ucts as well as a dig­i­tal wal­let for mo­bile pay­ments via smart­phones, it has be­come a solid mar­ket player in dig­i­tal card ac­quir­ing ser­vices in Cyprus.

RCB is said it is fo­cus­ing on grow­ing or­gan­i­cally as it has done in the past.

“Apart from tra­di­tional lend­ing so­lu­tions for cor­po­rate and SME bor­row­ers, we shall ex­tend range of lend­ing prod­ucts for our in­di­vid­ual clients. The bank shall in­vest fur­ther into dig­i­tal tech­nol­ogy to pro­vide con­ve­nient dig­i­tal bank­ing so­lu­tions for its clients,” said the spokesper­son.

RCB Bank was es­tab­lished on Au­gust 1, 1995, is one of the main banks in Cyprus and un­der the di­rect su­per­vi­sion of the Euro­pean Cen­tral Bank through the SSM mech­a­nism.

The bank op­er­ates branches in Ni­cosia, Li­mas­sol, Lar­naca, Paphos and Lux­em­bourg and has rep­re­sen­ta­tive of­fices in Lon­don and Moscow.

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