Moody’s Investors Service has affirmed RCB Bank’s deposit rating and upgraded its outlook from stable to positive in its newly published and updated press release on the Bank.
RCB Bank’s rating by Moody’s has remained unchanged at B1, which constitutes the highest rating among Cypriot banks. In addition, its outlook has been upgraded from stable to positive. This stability in the Bank’s rating and the change of its outlook to positive gains more importance, given a pandemic-induced fragile economic environment.
The said international rating agency has a positive view of RCB Bank’s solid capital levels, with total capital adequacy ratio standing at 21.1 per cent as at 31 December 2020. The rating affirmation also reflects the Bank’s evolving liability structure leading to increased protection that will be afforded to depositors.
RCB Bank’s CEO Dr. Kirill Zimarin underlined the importance of the change in the Bank’s outlook to positive and of maintaining the rating by Moody’s and noted: “In these challenging times of a global pandemic and its effects on both the local and the world economy, the confirmation by Moody’s of RCB Bank’s stable financial position in terms of both capital and liquidity gains greater importance. This repeated confirmation coupled with the change of our outlook to positive empowers us to continue to support our clients and of course through them the Cyprus economy at large and to look into the future with confidence. Through the implementation of our successful strategy and our investments into innovation and the new banking digital era, we will continue to contribute tangibly and positively in the recovery and growth of Cyprus”.
RCB Bank Ltd was established on August 1st 1995, is one of the largest banks in Cyprus and among the European significant Banks, which are under the direct supervision of the European Central Bank through the SSM mechanism. The Bank operates branches in Nicosia, Limassol, Larnaca, Pafos and Luxembourg.