CYPRUS: RCB tops local bank reliability index

RCB Bank Ltd., one of four local systemic banks that underwent stringent capital stress tests by the European Central Bank last month, has topped the Cyprus Banks Reliability Rating, an index conducted by RAI for the portal Stockwatch.

The survey among 500 households saw RCB rise one place year-on-year from November 2013 to the top of the rankings, replacing Hellenic Bank that now shares second with the Limassol Cooperative Bank.
“We are very grateful for the recognition of our high reliability ranking, and the quality of services provided by our bank. We aim to not simply meet our clients’ requirements but excel in doing so, offering them a level of service higher than their expectations”, said the bank’s CEO Kirill Zimarin.
RCB Bank Ltd. was established in 1995 as the Russian Commercial Bank and presently operates branches in Nicosia, Limassol and Luxembourg.
Having passed the ECB stress tests with flying colours, with a reported Core Tier 1 capital ratio of 16.78%, double the minimum requirements, RCB Bank announced a week ago that it completed a $124 mln equity capital increase by attracting a strategic investor, Russia’s Otkritie Financial Corporation Bank, taking a 19.85% stake and boosting equity to beyond $500 mln. RCB’s main founder shareholder, the VTB Group, has now reduced its direct stake to 46%.