ECB revokes license of Cyprus-based RCB Bank

Hellenic Bank Pcl

22/12/2022 17:48

Dec 22 (Reuters) - The European Central Bank (ECB) said
on Thursday it has withdrawn Cypriot lender RCB's banking
license, months after the central bank restricted parts of its
business. 
    In March, RCB Bank struck a deal with Hellenic Bank
 HBNK.CY  for the sale of a performing loan portfolio valued up
to 556 million euros. The ECB permitted that deal but restricted
the rest of the bank's business. 
    In a statement on Thursday, the ECB said the decision
follows the completion of RCB's voluntary phasing out of its
banking operations. 
    RCB started operations in 1995 that were mainly geared
towards the Russian business community on the island. In March
it said would cease new business with clients.
 (Reporting by Akriti Sharma in Bengaluru, editing by Deepa
Babington)
 ((Akriti.Sharma@thomsonreuters.com;))