RCB BANK LTD has successfully passed financial stability stress tests under implementation of the ECB’s Single Supervisory Mechanism
October 26, 2014
RCB BANK LTD has successfully passed an asset quality review (AQR) and the stress tests under comprehensive assessment conducted by the European Central Bank (ECB). The stress tests showed that the Bank’s Common Equity Tier 1 ratio (CET1) in the adverse scenario is more than twice the minimum requirements.
“We are satisfied with the results of the asset quality review and the stress tests carried out by the ECB’s experts. Success in passing the stress tests demonstrates that RCB BANK LTD has retained stability and is a reliable partner for its clients. The availability of significant capital reserves will enable the Bank to implement its plans on international business development, as well as to boost its lending to Cypriot companies and expand its business in Cyprus. Our clients can be confident about getting the highest service standards and a high level of reliability from the largest international bank in Cyprus,” said Kirill Zimarin, Chief Executive Officer of RCB BANK LTD.
The asset quality review and the stress tests were carried out as part of a comprehensive assessment of RCB BANK LTD along with 130 European banks categorised as significant credit institutions prior to transfer under the direct supervision of the ECB through the Single Supervisory Mechanism (SSM).
RCB BANK LTD was established on 1 August 1995. As of 30 June 2014, its assets amounted to over US$ 9 billion, owner equity to US$ 416 million, and profit for the first half of 2014 to US$ 36 million. The bank operates branches in Nicosia, Limassol and Luxembourg. In September 2014, RCB BANK LTD received the Cyprus Investment Promotion Agency (CIPA) Award. The CIPA awards are won annually by dynamic and innovative international companies operating in Cyprus who have achieved outstanding results and are leaders in the market segment or their industry.
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