The ECB revokes the RCB's banking license

On Thursday, the European Central Bank (ECB) announced that it had withdrawn Cyprus RCB Bank Ltd banking license. The choice was made after the bank's voluntary phasing-out of its banking operations, which was announced on the 24th of March, was successfully completed.

The sale of a portion of RCB Bank's loan portfolio to Hellenic Bank received prior ECB approval in March. It was prohibited for RCB to accept new deposits, offer new loans, or make new investments.

Additionally, the ECB had appointed a temporary administrator to collaborate with RCB management and keep a close eye on the bank's capital and liquidity.

It should be noted that RCB completed the return of all deposits; the auditors were designated as administrators for this procedure, but their function and authority have now naturally ceased with the retirement from banking operations.

By fLEXI tEAM