ECONOMY

Russian Commercial Bank decides to stay in Cyprus

Russian Commercial Bank (Cyprus) Ltd, a subsidiary of Russian state lender VTB, has decided against leaving Cyprus despite the trouble in the island’s credit sector, according to the Athens-Macedonian News Agency.

The Russian bank had considered moving its business to Malta following the Eurogroup decision in March to impose restrictions on capital movement in Cyprus, but it has eventually decided in favor of staying in Cyprus, thereby demonstrating its confidence in the Cypriot economy and banking system.