The European Central Bank (ECB) on Thursday said it has withdrawn the banking licence of Cyprus’ RCB Bank Ltd.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.
RCB’s voluntary phasing out of banking operations included full repayment of depositors.
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