CYPRUS: RCB Bank welcomes removal of cap restrictions

RCB Bank has welcomed the removal of all capital restrictions on Monday, as announced earlier by President Nicos Anastasiades.

"We welcome the long-awaited lifting of capital restrictions in the Cypriot banking system. This development constitutes the end of a difficult era for the banking sector and the economy of the island at large,” said Kirill Zimarin, CEO of RCB Bank Ltd.
“The lifting of these restrictions will most certainly contribute to a faster recovery of the Cypriot economy and its return to growth. From our side, we can finally offer our wide range of services to more Cypriot customers who can now open accounts in a financially strong, trustworthy and profitable Cypriot bank”.
RCB Bank was established on August 1, 1995, is one of the largest banks in Cyprus and is one of the European significant banks, members of the SSM mechanism and under direct supervision of the European Central Bank. As of March 31st 2015, its assets amounted to over EUR 11 bln and owner equity to EUR 500 mln. The bank operates branches in Nicosia, Limassol and Luxembourg.