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A person walks previous a department of the RCB financial institution within the Makedonitissa space in capital Nicosia, Cyprus, on Thursday. (AP photograph/Petros Karadjias)
NICOSIA, Cyprus – RCB Financial institution in Cyprus mentioned an “extraordinarily unstable geopolitical scenario” has prompted it to wind down operations and switch itself into an asset administration firm.
The announcement got here precisely a month after the beginning of Russia’s invasion of Ukraine. At the moment, the financial institution introduced that Cypriot shareholders had acquired the entire 46.29% stake in its share capital beforehand held by Russia’s VTB Financial institution.
The financial institution on Thursday mentioned in an announcement that regardless of its “considerable liquidity,” it’ll instantly cease opening new accounts or giving out new loans following an settlement with the European Central Financial institution.
Auditors Deloitte have been appointed to handle the financial institution’s transition and assist settle all its obligations to depositors. The financial institution will stick with it enterprise with present shoppers as regular till its transition is full “within the coming months.”
Earlier within the week, the financial institution introduced a 556 million-euro ($611 million) sale of its mortgage property to Cyprus’ Hellenic Financial institution. Central Financial institution officers who spoke on situation of anonymity mentioned the sale buttresses the financial institution’s liquidity to “totally cowl” all its obligations to depositors amid considerations over a gradual stream of withdrawals over the previous few weeks.
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