ECB lets RCB Bank sell loan portfolio; restricts rest of business

Hellenic Bank Pcl

24/03/2022 07:05

FRANKFURT, March 24 (Reuters) - The European Central Bank
has allowed RCB Bank of Cyprus to sell a part of its performing
loan portfolio to Hellenic Bank Public Company Ltd., but
restricted the rest of the firm's business as it plans to phase
out banking operations, it said on Thursday.
    "The bank's plan, which includes the full repayment of all
depositors, follows the impact of geopolitical risks on its
operations since the Russian invasion of Ukraine," the ECB said.
    The ECB also appointed a temporary administrator to oversee
RCB Bank, which will work with existing management, it said.
    Russian bank VTB agreed in February to sell its 46% share in
RCB Bank to other existing shareholders and the bank on Thursday
said it would transform the firm into a regulated asset
management company.

 (Reporting by Balazs Koranyi; Editing by Alex Richardson)
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