Cyprus’ RCB Bank to close, cites Russia’s Ukraine invasion

By MENELAOS HADJICOSTIS
Associated Press

NICOSIA, Cyprus (AP) — RCB Bank in Cyprus says an “extremely volatile geopolitical situation” has prompted it to wind down operations and turn itself into an asset management company. Thursday’s announcement comes exactly a month after the start of Russia’s invasion of Ukraine. At that time, the bank announced that Cypriot shareholders had acquired all of a 46.29% stake in its share capital previously held by Russia’s VTB Bank. The bank said in a statement that despite its “abundant liquidity,” it will as of Thursday stop opening new accounts or giving out new loans following an agreement with the European Central Bank. Auditors Deloitte have been appointed to manage the bank’s transition and help settle all its obligations to depositors.