RCB Bank

RCB Bank is an international bank based in Cyprus.

RCB Bank
Industrybanking
Founded1995 
Headquarters
Limassol
,
Cyprus
Area served
Cyprus
Key people
Panayiotis Loizides, Chairman
Kirill Zimarin, CEO
RCB Bank branch in Nicosia

History

In 1963, the Moscow Narodny Bank Ltd (Moscow Narodny Bank (London)), formerly the Moscow People's Bank (London), established a branch in Beirut for foreign trade and export support from USSR to Middle East countries.[1][2] In 1985 during the height of the Libyan-United States crisis, the Beirut branch closed and some staff and documents were transferred to Cyprus[3] receiving its papers in 1989 from the State Bank of the USSR and was later transferred to Vneshtorgbank (VTB) becoming a full subsidiary of VTB in August 1995.[2][4]

RCB Bank formed

RCB Bank was founded in 1995, and formerly known as Russian Commercial Bank (Cyprus), until November 2013.[5]

RCB Bank is based in Limassol, with branches in Nicosia[6] and nine other locations in Cyprus as of July 2018,[7] and in Luxembourg. It has representative offices in Moscow and London.[5] The chairman is Panayiotis Loizides, and the CEO is Kirill Zimarin.[8]

Other members of the board of directors include Economics Nobel laureate Sir Christopher Pissarides, former foreign minister Erato Kozakou-Marcoullis, former attorney general Petros Clerides, former permanent secretary at the ministries of finance and justice Andreas Tryfonides, and former ambassador and permanent secretary at the foreign ministry Sotos Zackheos.[8][9]

In November 2014 RCB Bank was categorized as significant EU bank under direct supervision of the ECB through the SSM.[10][11] Since 2016, RCB Bank has been a partner of the EIB[12] and the EIF[13] in financing investment projects implemented with the EU funds in Cyprus.

In August 2017, Zimarin increased his ownership of RCB to 49.9% by acquiring a $100 million stake (19.85%) in the Russian Otkritie Financial Corporation Bank.[7][14]

As of 2018, VTB through its holdings and subsidiaries is one of the largest shareholder in RCB and continues to fund and guarantee most of RCB Bank's loans.[15][16] Close relationships of money transfers between VTB and RCB occur through the Pictet Bank in Switzerland.[17][18][19][20]

References
  1. ""Путь Геракла : история банкира Виктора Геращенко, рассказанная им Николаю Кротову" – читать". knigosite.org. Retrieved 2020-02-07.
  2. Угодников, Константин (April 15, 2013). "Свой среди чужих: Почему в Москве так озабочены судьбой коммерческого банка на далеком Кипре?" [His own among strangers: Why be so concerned about the fate of a commercial bank in distant Cyprus in Moscow?]. "Итоги" itogi.ru (in Russian). Retrieved August 6, 2018.
  3. "Российские банки на Кипре". www.kommersant.ru (in Russian). 1996-02-08. Retrieved 2020-02-07.
  4. Березанская, Елена (January 3, 2012). "Остров сокровищ" [Treasure Island]. Forbes (in Russian). Retrieved August 6, 2018.
  5. "RCB Bank Ltd.: Private Company Information - Businessweek". Bloomberg.com. Retrieved 2016-04-04.
  6. "Главы РФ и Кипра открыли в Никосии первый розничный офис российского банка в ЕС" [Heads of Russia and Cyprus opened in Nicosia the first retail office of the Russian bank in the EU]. banki.ru (in Russian). RIA Novosti. October 8, 2010. Retrieved August 6, 2018.
  7. "Geopolitics, sanctions not deterring RCB, CEO Zimarin says". Cyprus Mail. July 1, 2018. Retrieved August 6, 2018.
  8. "Members of the Board of Directors — RCB Bank Ltd". Rcbcy.com. Retrieved 2016-04-04.
  9. "Cyprus implicated in Panama papers (Update 4, adds Central Bank reaction) - Cyprus Mail Cyprus Mail". cyprus-mail.com. Retrieved 2016-09-09.
  10. Bank, European Central. "ECB assumes responsibility for euro area banking supervision". European Central Bank. Retrieved 2020-02-03.
  11. Bank, European Central. "Who supervises my bank?". European Central Bank - Banking Supervision. Retrieved 2020-02-03.
  12. fm (2016-02-19). "CYPRUS: RCB Bank joins forces with EIB to support SMEs". Financial Mirror. Retrieved 2020-02-19.
  13. SigmaLive. "First EFSI transaction signed in Cyprus between EIF-RCB | News". www.sigmalive.com. Retrieved 2020-02-19.
  14. "Куда течет денежный поток Кремля: Критики ВТБ говорят, что только тесные связи с Путиным сохраняют второй по величине российский банк от более глубокого кризиса" [Where the Kremlin's cash flow flows: Critics of VTB say that only close ties with Putin save the second-largest Russian bank from a deeper crisis]. Insider Pro (in Russian). August 25, 2016. Retrieved August 6, 2018.
  15. "Moody's upgrades RCB Bank's deposit ratings to B1 from B3". Moody's. August 29, 2017. Retrieved May 18, 2018.
  16. Seddon, Max (August 24, 2016). "Cashflow and the Kremlin: Critics of VTB, Russia's second biggest bank, say only deep ties to Putin have helped it fend off a deeper crisis". Financial Times. Retrieved May 18, 2018.
  17. Harding, Luke (April 3, 2016). "Revealed: the $2bn offshore trail that leads to Vladimir Putin". The Guardian. London.
  18. Kotova, Yulia (April 4, 2016). "Глава ВТБ назвал "бредом" сообщения о связи Путина с сетью офшоров" [Head of VTB called it "delirium" the announcement about the Putin's connection with off-shore networks] (in Russian). RBC News. Archived from the original on 4 April 2016. Retrieved April 28, 2018.
  19. Blum, Petra; Obermaier, Frederik; Obermayer, Bastian. "Putin's rich friends". Süddeutsche Zeitung. Retrieved May 18, 2018.
  20. Harding, Luke (April 3, 2016). "Sergei Roldugin, the cellist who holds the key to tracing Putin's hidden fortune". The Guardian. Retrieved May 18, 2018.
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