CYPRUS: RCB Bank opens 6th branch, Limassol flagship

Limassol-based RCB Bank, one of four systemic banks in Cyprus that passed the ECB stress tests last October with flying colours, has opened a new branch on the Limassol waterfront, which has been designated as the flagship branch for its domestic corporate and retail clients.

The Molos Limassol branch raises the total number of branches in the network to six, with a new Nicosia branch opened on the busy Limassol Avenue just two weeks ago.
All branches operate at the more business-friendly hours of 9am to 5pm, despite labour agreements forcing other banks to roll down their shutters by 3pm.
In July, RCB announced it was opening two new branches, one in Nicosia on 28th October Avenue in Engomi, and one in Limassol on Kolonakiou street in Linopetra.
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 member 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.
Last November, the bank announced that it raised $124.2 mln in fresh equity after Otkritie Financial Corporation Bank, the second largest privately owned and sixth largest bank in Russia, acquired a 20% stake.
After the deal, Russia’s VTB Group reduced its stake to 46.29% and RCB Bank, formerly the Russian Commercial Bank, was no longer considered a subsidiary bank, even though VTB also maintains a minority stake in the parent Otkritie Holding.
Since 1997, Otkritie has also had a presence in Cyprus through its financial services and brokerage firm, Otkritie Finance (Cyprus) Limited.