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Kirill Zimarin re-elected president of Association of International Banks in Cyprus

11.12.2014

Kirill Zimarin, Chief Executive Officer of RCB Bank Ltd, was officially re-elected president of the Association of International Banks in Cyprus at the Association’s 12th Annual General Meeting, which took place on December 10, 2014 at the Four Seasons Hotel in Limassol. Mr. Zimarin has held this position since 2008 and he will continue to lead the Association for a period of two years.

In his speech, Mr. Zimarin said: “International banks are playing an ever more conspicuous and significant role and over the past few years their market share by assets has grown from 8% to 22%. International banks are reaffirming their commitment to develop business in Cyprus and continue promoting Cyprus as an international financial centre. International banks have significant reserves in terms of capital and liquidity, and are ready to extend their lending programmes to Cypriot companies. Therefore, it’s fair to say that international banks could be among the key drivers behind the recovery and growth of Cyprus economy and its banking sector.”

In this regard Mr. Zimarin, on behalf of the members of the Association of International Banks in Cyprus, requested the lifting of all restrictions on transactions performed by international banks. “The facts and the figures show that Cyprus economy is recovering, and is mature enough for capital restrictions to be lifted in full. This would enable international banks to fully realise the potential they have to support Cyprus economy and Cypriot borrowers,” Kirill Zimarin said. 

The Association of International Banks was set up in Limassol in 2002, with the aim of representing and protecting the interests of international banks in Cyprus. Since its inception, the Association has played a leading role with regards to issues affecting or otherwise impacting upon the international banking sector. The Association brings together 25 banks from 9 countries. The assets of the Association’s members are worth 14bn Euros in total.

Kirill Zimarin was born in 1971. A graduate of the Moscow State University, he has a Ph.D. in Economics. Mr. Zimarin joined RCB Bank Ltd in 2005, and has been leading the Bank since 2008. He is a Member of International Affairs Steering Group of the European Banking Federation (EBF). RCB Bank Ltd was established in 1995, is the largest international bank in Cyprus and one of Cyprus largest financial institutions. The Bank participates in the ECB’s Single Supervisory Mechanism (SSM), and operates branches in Nicosia, Limassol and Luxembourg. In 2014, RCB Bank Ltd received an award from the Cyprus Investment Promotion Agency (CIPA).


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