CYPRUS: RCB Bank opens 2 new branches, 2 more soon

Limassol-based RCB Bank, one of four systemic banks in Cyprus that passed the ECB stress tests last October with flying colours, has opened two new branches, one in Nicosia and one in Limassol, raising the total network to four, while it also plans to open two more by the end of summer.

The new branch in Nicosia is on 28th October Avenue in Engomi, and the new one in Limassol is on Kolonakiou street in Linopetra.
All RCB Bank branches are open from 9 am to 5 pm, despite the efforts of trade unions to open at 8am and close at 2.30, rendering Cyprus banking system internationally uncompetitive.
Suggesting that RCB plans to expand its operations, the company said in an announcement that the opening of new branches “constitutes yet another step in realising RCB Bank’s plan to increase its local market operations and thus further solidify its leading position as a trustworthy, Cypriot bank.”
RCB Bank was established in 1995, is a members of the SSM mechanism and under direct supervision of the European Central Bank. As of March 31, its assets amounted to over EUR 11 bln and owner equity to EUR 500 mln. The bank also operates a branch in Luxembourg.