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12° Nicosia,
29 June, 2022
 

RCB finalizes sale of its loan portfolio to Hellenic

The sale not only covers all depositors but leaves RCB with a surplus to use in its daily operations

Source: CNA

RCB Bank Ltd announced that the sale of Tranche B of its performing loan portfolio to Hellenic Bank Public Company Ltd has been successfully completed.

According to the relevant press release, Tranche B includes Cypriot and other European exposures with a gross book value of c. €64 mn. The total of the performing portfolio of RCB Bank Ltd that has now been sold to Hellenic Bank Public Company Ltd (Tranches A & B) is c. €356 mn of gross book value.

The total amount of the performing portfolio sold does not only cover all the deposits returned but leaves RCB with a substantial surplus of liquid assets to use in continuing its operations.

“A few months ago, RCB Bank Ltd, which is phasing out its banking operations due to the new geopolitical realities, decided to proceed with the sale of part of its performing loan portfolio so as to safeguard the smooth return of all deposits to its clients, a pioneering move in Cyprus’ banking history, thus, ensuring its depositors are treated fairly, in line with the bank's values”, according to the announcement.

The total amount of the performing portfolio sold to Hellenic Bank Public Company Ltd does not only cover all the deposits that have been or are being returned but leaves RCB with a substantial surplus of liquid assets to use in continuing its operations.

RCB Bank Ltd in agreement with the ECB Supervisory Board has taken a decision to transform the Bank into a regulated asset management company, shifting away from banking operations, due to the geopolitical situation after Russia’s invasion of Ukraine.

RCB Bank Ltd was established on August 1st, 1995 and was one of the largest banks in Cyprus.  It was under the direct supervision of the European Central Bank through the SSM mechanism. The Bank operated branches in Nicosia, Limassol, Larnaca, Pafos and Luxembourg.

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Cyprus  |  banks  |  economy

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