Standard and Poor's downgraded RCB's long-term issuer rating from BB- to B+ and placed it on negative watch, citing the impact of the lack of support from Russia's VTB and, secondarily, the impact of economic activity in Russia, including deposit outflows.
As part of the bank's management's actions to protect the bank from the economic sanctions imposed on Russia due to the invasion of Ukraine, VTB sold its stake in RCB (46.3% of the share capital) to the bank's Cypriot shareholders.
"RCB's business prospects are likely to be affected by reduced business volume, lack of support from VTB (until recently its largest shareholder),
(CNA)
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