RCB Bank Ltd announced that the sale of Tranche B of its performing loan portfolio to Hellenic Bank Public Company Ltd has been successfully completed.
According to the relevant press release, Tranche B regards to Cypriot and other European exposures of gross book value of c. €64 mn. The total of the performing portfolio of RCB Bank Ltd that has now been sold to Hellenic Bank Public Company Ltd (Tranches A & B) is of c. €356 mn. of gross book value.
“It is reminded that RCB Bank Ltd, which is phasing out its banking operations due to the new geopolitical realities, decided to proceed with the sale of part of its performing loan portfolio so as to safeguard the smooth return of all deposits to its clients, a pioneering move in Cyprus’ banking history, thus treating its depositors with the most ethical manner and in line with its values”, says the announcement.
The total amount of the performing portfolio sold to Hellenic Bank Public Company Ltd does not only cover all the deposits that have been or are being returned but leaves RCB with a substantial surplus of liquid assets for its further operations.
RCB Bank Ltd in agreement with the ECB Banking Supervision has taken a decision to transform the Bank into a regulated asset management company, shifting away from banking operations, due to the geopolitical situation after Russia’s invasion in Ukraine.
RCB Bank Ltd was established on August 1st 1995 and was one of the largest banks in Cyprus and among the European significant Banks, under the direct supervision of the European Central Bank through the SSM mechanism. The Bank operated branches in Nicosia, Limassol, Larnaca, Pafos and Luxembourg.
Source: Cyprus News Agency