Business & Economy

CYPRUS: RCB Bank agrees on new five-year strategy

28 November, 2018

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.