News

RCB BANK LTD has completed an equity capital increase through the issue of additional shares and the attraction of Otkritie Financial Corporation Bank as a new strategic investor. In accordance with the decision of the shareholders of RCB BANK LTD, Otkritie FC Bank will own a 19.85% stake in RCB BANK LTD. In the course of the issue of additional shares, the stake of VTB Bank has decreased to 46.29%, RCB BANK LTD equity has increased by US$124.2 million, and exceeded US$ 0.5 billion in total.

“Prior to the completion of the issue of additional shares and capital increase, RCB BANK LTD successfully passed the European Central Bank’s stress tests exceeding by almost twice the minimum requirements. However, our development plans on the local and international markets imply an active assets growth, which required both the expansion of the capital base and the number of strategic partners. Otkritie is one of the largest and most dynamic privately-owned financial groups. Our new shareholders have extensive expertise in developing lending projects for small and medium-sized businesses, as well as in the successful implementation of retail projects and high-quality investment banking services. The attraction of Otkritie FC Bank into the equity of RCB BANK LTD will undoubtedly contribute to the further development of Cyprus as an international financial center in Europe, and will also provide an additional impulse to RCB BANK LTD dynamic growth”, said Kirill Zimarin, Chief Executive Officer of RCB BANK LTD.

RCB BANK LTD was established on 1 August 1995 and is one of the largest financial institutions in Cyprus. 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 achieve outstanding results and are leaders in the market segment or their industry.

Founded in 1993, Otkritie Financial Corporation Bank is the parent company of Otkritie FC Banking Group, the 2 largest privately-owned and 6 largest banking group in Russia by total RAS assets according to Interfax-CEA data as of 30 September, 2014. As of 30 June 2014, total consolidated assets of the Group in accordance with IFRS stood at US$ 41.5 billion, total equity was US$ 4.2 billion. The Group includes Otkritie Financial Corporation Bank and Khanty-Mansiysk Otkritie Bank. The principal shareholder of Otkritie FC Bank is Otkritie Holding (61.49%). The bank’s securities are publicly traded on the Moscow Exchange.