The European Central Bank (ECB) said on Thursday it had revoked the banking license of Cypriot lender RCB, months after the central bank restricted parts of its operations.
In March, RCB Bank entered into a deal with Hellenic Bank for the sale of a portfolio of uncollectible loans worth 556 million euros. The ECB allowed that deal, but curbed the rest of the bank’s activities.
In a statement on Thursday, the ECB said the decision follows the completion of the voluntary phase-out of RCB’s banking operations.
RCB began its activities in 1995 focused mainly on the Russian business community on the island. In March, the bank said it would cease its new activities with customers.