ECB revokes RCB license

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The European Central Bank (ECB) said it had withdrawn Cypriot lender RCB’s banking license months after the central bank restricted parts of its business.

In March, RCB Bank struck a deal with Hellenic Bank for the sale of a performing loan portfolio valued up to €556 million.

The ECB permitted that deal but restricted the rest of the bank’s business.

In a statement on Thursday, the ECB said the decision follows the completion of RCB’s voluntary phasing out of its banking operations.

RCB started operations in 1995 that was mainly geared towards the Russian business community on the island.

In March, it said would cease new business with clients after Russia’s invasion of Ukraine.

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.