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Otkritie Financial Corporation Bank to take 19.85% stake in RCB Bank Ltd

25.09.2014

Otkritie FC Bank will acquire this shareholding as part of an additional issue of shares in RCB Bank Ltd to take place before the end of 2014.

‘Gaining Otkritie Bank as a new shareholder in RCB Bank Ltd will undoubtedly contribute to the strengthening of the Cypriot bank’s positions in both local and international markets. With this new shareholder aboard, VTB Group will have a strong partner and a strategic investor with whom we intend to further develop this important asset together,’ said First Deputy President and Chairman of VTB Bank Management Board.

‘We consider this deal not only as a promising financing investment, but also as an opportunity to develop the business of the Otkritie Banking Group at an international level. Holding a sizeable share in a major bank in an EU country will enable us to expand our line of products and services and offer our clients additional products and services that meet their needs,’ remarked Dmitry Romaev, President of Otkritie FC Bank.

This deal is subject to approval by the Central Bank of Cyprus.

 

RCB Bank Ltd was founded on 1 August 1995. As at 30 June 2014, the bank’s assets amounted to over $9 billion with the equity capital of $415 million. The bank posted profit of $36 million for HY1 2014.

RCB Bank Ltd participates in the Deposit Protection Scheme of the Republic of Cyprus and offers a full range of banking services to private and corporate clients. The bank has branches in Nicosia, Limassol, and Luxembourg.