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European Central Bank withdraws RCB’s banking licence

RCB sells big loan portfolio to Hellenic Bank

The European Central Bank (ECB) on Thursday said it has withdrawn the banking licence of Cyprus’ RCB Bank Ltd. The decision follows the orderly completion of the bank’s voluntary phasing out of its banking operations, as announced on March 24 of this year.

Back in March, the ECB approved RCB Bank’s sale of part of its loan portfolio to Hellenic Bank.  RCB was restricted in its business: it could not take new deposits, grant new loans, or make new investments.

The ECB had also appointed a temporary administrator to work with RCB’s management and closely monitor the bank’s liquidity and capital.

It should be stated that RCB completed the return of all deposits, a process for which the auditors were appointed as administrators and whose role and powers have now naturally ended with the exit from banking operations.

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