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12° Nicosia,
04 October, 2022
 
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RCB Bank invites depositors to withdraw their money

With this move the bank is one step closer to its goal of becoming an asset management company

Panayiotis Rougalas

RCB Bank will invite its depositors to withdraw their money.  According to Kathimerini sources, RCB Bank customers are expected to be able to either receive their deposits on hand or transfer them to other Cypriot banks.

With this move, RCB Bank is one step closer to changing its license and turning it, as the newspaper recorded in a previous report, into an "asset management company".

In connection with the announcement, RCB Bank stated that it would proceed with informing their customers and calling on them to withdraw their deposits. The announcement specifically stated that "this transaction will further strengthen its (RCB Bank's) capital and liquidity reserves, while the bank's liquidity will exceed the total amount of all its liabilities".   The announcement also stressed that "the transaction will create additional significant reserves, thus allowing a significant ability to absorb any possible external upheavals."

On Tuesday, March 22, it was announced that Hellenic Bank entered into an agreement with RCB Bank for the acquisition of a portfolio of serviced loans with a gross book value of 556 million euros.

As an "asset management company" RCB will be able to grant loans, will have income from borrowing, real estate, shares, bonds and other investments, and, consequently, take on the role of an alternative channel.

It is worth noting that all RCB Bank deposits are fully protected and no risks remain from the sanctions imposed on Russia due to the war in Ukraine by Russia.

[This article was translated from its Greek original]

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Cyprus  |  banks  |  economy  |  Russia

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