World, As Seen from the most beautiful islands: Ireland and Cyprus

The European Central Bank revokes RCB license, targets Cyprus Russian businesses


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.

Written by: Liam O'Reilly

Liam O'Reilly is the founder of the publication, a former analyst at a major reputation agency in the UK, who chose Cyprus as his home.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

From Trinity st. to Limassol, Cyprus

Ireland and Cyprus have one thing in common. The most beautiful islands are divided. Even proportions are strikingly similar. Both nations strive for unity and a good glass of the news. More about us under the link.

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