Nicosia, 24 Mar The bank RCB Bank in Cyprus, opened in 1995 as a subsidiary of Russian state-owned bank VTB Bank announced on Thursday its decision to gradually close its banking operations and transform the bank into a regulated asset management company, due to “the current geopolitical situation”. In a statement, the RCB said that although it continues to have “abundant liquidity and capital, the current extremely volatile geopolitical situation forces it to transform and adopt a new strategy.” “The new strategy is to progressively eliminate banking operations and, at the same time, to guarantee the interests of our customers,” the statement said. The RCB tried to reassure its customers by noting that during this transformation process it will continue to service and process all requests for payments or deposit transfers to accounts of other banks, complying with current obligations. “Subsequently, once the bank has completed its withdrawal from accepting deposits and granting loans, it plans to transform itself into a regulated asset management company, given the significant assets on its balance sheet,” he added. As of Thursday and according to the Banking Supervision of the European Central Bank, RCB Bank “will stop conducting new business with customers, both in terms of deposits and loans,” he said. Previously, the RCB announced this week the partial sale of its loan assets worth 556 million euros to Hellenic Bank. Last Monday, the risk rating agency Standard & Poor's Global Ratings (S&P) announced the suspension of its rating of RCB Bank “due to its relationship with the Russian bank VTB Bank” and “the transfer of ownership to Cypriot shareholders after the Russian invasion”. S&P recalled that “the U.S. Office of Foreign Assets Control (OFAC) imposed sanctions against VTB Bank JSC and its subsidiaries on February 24, 2022.” The agency also recalled that “on the same day, VTB Bank sold its 46.3% stake in the Cyprus-based RCB Bank to the bank's Cypriot shareholders, controlled by members of the RCB management. This was part of the management's plan to protect RCB from escalating geopolitical tensions.” Russian Foreign Minister Sergei Lavrov attended the opening of the RCB in Nicosia in 2007. CHIEF fl/ih/ah
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