RCB Bank Ltd has 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 includes Cypriot and other European exposures with a gross book value of around 64 million euros.
The total of the performing portfolio of RCB Bank Ltd that has now been sold to Hellenic Bank Public Company Ltd (Tranches A and B) is around €356 million of gross book value.
The total amount of the performing portfolio sold to Hellenic Bank not only covers all the deposits that have been or are being returned but leaves RCB with a substantial surplus of liquid assets to use in continuing its operations.
In agreement with the ECB Supervisory Board, RCB 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 of Ukraine.
RCB Bank Ltd was established ιn August 1995 and was one of the largest banks in Cyprus. It operated branches in Nicosia, Limassol, Larnaca, Paphos and Luxembourg.