RCB has successfully completed the sale of Tranche B of its performing loan portfolio worth €356 mln to Hellenic Bank as it ceases banking operations.
Tranche B regards Cypriot and other European exposures with a gross book value of €64 mln.
The total of the performing portfolio of RCB has now been sold to Hellenic Bank (Tranches A & B) is €356 mln of gross book value.
“It is reminded that RCB Bank, which is phasing out its banking operations due to the new geopolitical realities, decided to proceed with the sale of part of its performing loan portfolio to safeguard the smooth return of all deposits to its clients,” said RCB.
It called the sale a “pioneering move in Cyprus’ banking history” by treating its depositors in the “most ethical manner”.
The total amount of the performing portfolio sold to Hellenic Bank still leaves RCB with a substantial surplus of liquid assets for its further operations.
RCB, in agreement with the ECB Banking Supervision, decided to transform the bank into a regulated asset management company, shifting away from banking operations after Russia invaded Ukraine.
It was established on August 1st 1995 and became the third-largest bank in Cyprus under the direct supervision of the European Central Bank through the SSM mechanism.
The bank no longer operates branches in Nicosia, Limassol, Larnaca, Paphos and Luxembourg.
In late March, RCB Bank, a lender created as a subsidiary of Russia’s VTB Bank, announced it would wind down banking operations with Hellenic taking over customer accounts.