{{Short description|Former bank in Cyprus}} {{Infobox company | name = RCB Bank | logo = RCB_Bank_Ltd,_founded_in_Cyprus.svg | logo_size = 190px | type = | founded = 1995 | hq_location = Limassol, Cyprus | num_locations = | key_people = Christakis Santis (chairman)<br>Kirill Zimarin (CEO) | industry = Banking, financial services | products = | services = | operating_income = | revenue = | net_income = | num_employees = | parent = | subsidiaries = | slogan = | website = | defunct = licence withdrawn December 2022 | footnotes = | intl = }} '''RCB Bank''' (formerly '''Russian Commercial Bank''') was an international bank founded in 1995 and headquartered in Limassol, Cyprus.
==Background== [[File:RCB Bank branch in Nicosia.jpg|alt=|thumb|right|240px|RCB branch in Nicosia]] In 1963, the London-based Moscow Narodny Bank established a branch in Beirut for foreign trade and export support from the USSR to Middle Eastern countries.<ref>{{Cite web|url=http://knigosite.org/library/read/93233|title="Путь Геракла : история банкира Виктора Геращенко, рассказанная им Николаю Кротову" – читать|website=knigosite.org|access-date=2020-02-07}}</ref><ref name=ItogiUgodnikov>{{cite web | last = Угодников | first = Константин | title = Свой среди чужих: Почему в Москве так озабочены судьбой коммерческого банка на далеком Кипре? | url = http://www.itogi.ru/russia/2013/15/188795.html | language = ru | trans-title = His own among strangers: Why be so concerned about the fate of a commercial bank in distant Cyprus in Moscow? | work = "Итоги" itogi.ru | issue = №15 / 879 (15.04.13) | date = April 15, 2013 | access-date = August 6, 2018}}</ref><ref name=AlibegovSovietBanking>{{cite web |url=http://letopis.org/wp-content/uploads/2015/04/%D0%90%D0%BB%D0%B8%D0%B1%D0%B5%D0%B3%D0%BE%D0%B2.pdf |title=Томас Иванович Алибегов: Последовало мнение, что мне в советской банковской системе не место! |trans-title=Tomas Ivanovich Alibegov: There was an opinion that I had no place in the Soviet banking system! |language=ru |work=Экономическая Летопись России (Economic Chronicle Russia) (Следующая остановка — Бейрут on pages 39-45) |pages=10–16 |date=April 2015 |access-date=6 August 2021 |archive-date=10 September 2016 |archive-url=https://web.archive.org/web/20160910023752/http://letopis.org/wp-content/uploads/2015/04/%D0%90%D0%BB%D0%B8%D0%B1%D0%B5%D0%B3%D0%BE%D0%B2.pdf}}</ref><ref>{{cite web |url=http://letopis.org/heroes/alibegovti/ |title=Алибегов Томас Иванович |trans-title=Tomas Ivanovich Alibegov |language=ru |work=Экономическая Летопись России (Economic Chronicle Russia) |date= |access-date=6 August 2021 |archive-date=29 December 2017 |archive-url=https://web.archive.org/web/20171229003325/http://letopis.org/heroes/alibegovti/}}</ref> In 1985, during the height of the Libyan–U.S. crisis, the Beirut branch closed and some staff members and documents were transferred to Cyprus, where it received its papers from the State Bank of the USSR in 1989.<ref name=AlibegovSovietBanking/><ref>{{Cite web|url=https://www.kommersant.ru/doc/126404|title=Российские банки на Кипре|date=1996-02-08|website=www.kommersant.ru|language=ru|access-date=2020-02-07}}</ref> It was later transferred to the Russian VTB Bank, becoming a full subsidiary of VTB in August 1995.<ref name=ItogiUgodnikov/><ref name=ForbesBerezanskaya>{{cite news | last = Березанская | first = Елена | title = Остров сокровищ | url = http://www.forbes.ru/forbes/issue/2012-01/77457-ostrov-sokrovishch | language = ru | trans-title = Treasure Island | work = Forbes | date = January 3, 2012 | access-date = August 6, 2018}}</ref> In 2002, VTB owned the controlling stake in RCB Bank and also had controlling stakes in the Vienna-based Donau Bank and the Luxembourg-based East-West United Bank. By 2005, VTB controlled 100% of RCB Bank.<ref name=Ovchinnikov>{{Cite news |last=Овчинников |first=О. (Ovchinnikov, O.) |date=8 November 2000 |title=ЦБ - центральный Банд ... |trans-title=Central Bank - Central Gang ... |work=Агентство федеральных расследований "FreeLance Bureau" (FLB) (flb.ru) |url=https://flb.ru/info/6216.html |access-date=6 August 2021 |language=ru}} [http://www.compromat.ru/page_10394.htm Alternate archive]</ref><ref name=StakesDaughtersFeb2005>{{cite news |url=http://www.compromat.ru/imgup/converted_18319.jpg |title="Дочерние" российские зарубежные банки и сеть ВТБ: доли ЦБ, ВТБ и др. |trans-title=Russian Foreign "Daughter" Banks and the VTB Network: stakes held by Central Bank, VTB, others |work=compromat.ru |date=February 2005 |access-date=6 August 2021 |quote=}}</ref><ref name=Company21022005>{{cite news |last=Бирман |first=Александр (Birman, Alexander) |url=https://ko.ru/document.asp?d_no=11319&p=1 |title=В советских сетях: Нефтедоллары пойдут по проверенным каналам загранбанков |trans-title=In Soviet networks: Oil dollars will go through proven channels of foreign banks |work=ООО Журнал «КО» (ko.ru) (Компании Деловой Еженедельник) |date=21 February 2005 |access-date=6 August 2021 |archive-date=13 March 2005 |archive-url=https://web.archive.org/web/20050313182643/https://ko.ru/document.asp?d_no=11319&p=1}}</ref>
==History== RCB Bank was founded in 1995 under the name Russian Commercial Bank (Cyprus), which changed to simply RCB Bank in November 2013.<ref name="bloomberg1">{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=11001761 |title=RCB Bank Ltd.: Private Company Information - Businessweek |website=Bloomberg.com |access-date=2016-04-04}}</ref> The bank was based in Limassol, with branches in Nicosia<ref name=RIAnovosti10-10-8>{{cite news | title = Главы РФ и Кипра открыли в Никосии первый розничный офис российского банка в ЕС | url = https://www.banki.ru/news/lenta/?id=2320241 | work = banki.ru | agency = RIA Novosti | language = ru | trans-title = Heads of Russia and Cyprus opened in Nicosia the first retail office of the Russian bank in the EU | date = October 8, 2010 | access-date = August 6, 2018}}</ref> and nine other locations across Cyprus.<ref name=CyprusMail18-7-1>{{cite news | title = Geopolitics, sanctions not deterring RCB, CEO Zimarin says | url = https://cyprus-mail.com/2018/07/01/geopolitics-sanctions-not-deterring-rcb-ceo-zimarin-says/ | work = Cyprus Mail | date = July 1, 2018 | access-date = August 6, 2018}}</ref> It also had branches in Luxembourg and representative offices in Moscow and London.<ref name="bloomberg1"/>
The bank's chairman was Greek-Cypriot banker Christakis Santis, while Russian banker Kirill Zimarin was its CEO.<ref name="rcbcy.com">{{cite web|url=http://www.rcbcy.com/en/services/corporate/board/members/ |title=Members of the Board of Directors — RCB Bank Ltd |website=Rcbcy.com |access-date=2016-04-04}}</ref> Other board of directors members included English-Cypriot economist Sir Christopher Pissarides, Greek-Cypriot former foreign minister Erato Kozakou-Marcoullis, Greek-Cypriot former attorney general Petros Clerides, Greek-Cypriot former permanent secretary at the ministries of finance and justice Andreas Tryfonides, and Greek-Cypriot former ambassador and permanent secretary at the foreign ministry Sotos Zackheos.<ref name="rcbcy.com"/><ref name="cyprus-mail">{{cite web|url=http://cyprus-mail.com/2016/04/04/cyprus-implicated-in-panama-papers/|publisher=cyprus-mail.com|title=Cyprus implicated in Panama papers (Update 4, adds Central Bank reaction) - Cyprus Mail Cyprus Mail|access-date=2016-09-09}}</ref>
In November 2014, RCB Bank was categorized as a significant bank under European Banking Supervision.<ref>{{Cite web|url=https://www.ecb.europa.eu/press/pr/date/2014/html/pr141104.en.html|title=ECB assumes responsibility for euro area banking supervision|website=European Central Bank|date=4 November 2014 |language=en|access-date=2020-02-03}}</ref><ref>{{Cite web|url=https://www.bankingsupervision.europa.eu/banking/list/who/html/index.en.html|title=Who supervises my bank?|website=European Central Bank - Banking Supervision|language=en|access-date=2020-02-03}}</ref> RCB Bank was a partner of the European Investment Bank<ref>{{Cite web|url=https://www.financialmirror.com/2016/02/19/cyprus-rcb-bank-joins-forces-with-eib-to-support-smes/|title=CYPRUS: RCB Bank joins forces with EIB to support SMEs|last=fm|date=2016-02-19|website=Financial Mirror|language=en-GB|access-date=2020-02-19}}</ref> and the European Investment Fund in financing investment projects implemented with the EU funds in Cyprus.<ref>{{Cite web|url=https://www.sigmalive.com/en/news/economy/151251/first-efsi-transaction-signed-in-cyprus-between-eifrcb|title=First EFSI transaction signed in Cyprus between EIF-RCB {{!}} News|last=SigmaLive|website=www.sigmalive.com|access-date=2020-02-19}}</ref>
In August 2017, Zimarin increased his ownership of RCB to 49.9% by acquiring a 19.85% stake in the Russian Otkritie Financial Corporation Bank.<ref name=CyprusMail18-7-1/><ref name=InsiderPro>{{cite news | title = Куда течет денежный поток Кремля: Критики ВТБ говорят, что только тесные связи с Путиным сохраняют второй по величине российский банк от более глубокого кризиса | url = https://ru.insider.pro/analytics/2016-08-25/kuda-techet-denezhnyj-potok-kremlya/ | language = ru | trans-title = Where the Kremlin's cash flow flows: Critics of VTB say that only close ties with Putin save the second-largest Russian bank from a deeper crisis | work = Insider Pro | date = August 25, 2016 | access-date = August 6, 2018}}</ref>
In February 2022, VTB Bank sold its shares in RCB to Cypriot shareholders in the midst of economic effects caused by Russia's invasion of Ukraine,<ref>{{Cite web|title=RCB Bank announces change in the shareholding Structure|url=https://in-cyprus.philenews.com/rcb-bank-announces-change-in-the-shareholding-structure/|access-date=2022-02-25|website=in-cyprus.philenews.com|language=en-US}}</ref><ref>{{Cite web|title=RCB Bank becomes Cypriot-owned after Russian stakeholder transfers shares {{!}} Cyprus Mail|url=https://cyprus-mail.com/2022/02/24/rcb-bank-becomes-cypriot-owned-after-russian-stakeholder-transfers-shares/|access-date=2022-02-25|website=cyprus-mail.com/|date=24 February 2022 |language=en-GB}}</ref><ref name="Moodys170829">{{cite web | title = Moody's upgrades RCB Bank's deposit ratings to B1 from B3 | url = https://www.moodys.com/research/Moodys-upgrades-RCB-Banks-deposit-ratings-to-B1-from-B3--PR_371599 | publisher = Moody's | date = August 29, 2017 | access-date = May 18, 2018}}</ref> thus making the bank entirely Cypriot-owned for the first time.<ref name="FinancialTimes160824">{{cite news | last = Seddon | first = Max | title = Cashflow and the Kremlin: Critics of VTB, Russia's second biggest bank, say only deep ties to Putin have helped it fend off a deeper crisis | url = https://www.ft.com/content/f26b2d3c-63d3-11e6-8310-ecf0bddad227 | publisher = Financial Times | date = August 24, 2016 | access-date = May 18, 2018}}</ref><ref name="GuardianPanama160403">{{cite news |title=Revealed: the $2bn offshore trail that leads to Vladimir Putin |url=https://www.theguardian.com/news/2016/apr/03/panama-papers-money-hidden-offshore |newspaper=The Guardian |location=London |date=April 3, 2016 |first=Luke |last=Harding}}</ref><ref name="RBC160404">{{cite web|last1=Kotova|first1=Yulia|title=Глава ВТБ назвал "бредом" сообщения о связи Путина с сетью офшоров| trans-title = Head of VTB called it "delirium" the announcement about the Putin's connection with off-shore networks|archive-url=https://web.archive.org/web/20160404213419/http://www.rbc.ru/business/04/04/2016/57022f249a79476ce1f4e1d9| archive-date = 4 April 2016|url=http://www.rbc.ru/business/04/04/2016/57022f249a79476ce1f4e1d9|publisher=RBC News|access-date=April 28, 2018|date=April 4, 2016|language=ru}}</ref><ref name="SudZeitungPanamaPapers">{{cite news | last1 = Blum | first1 = Petra | last2 = Obermaier | first2 = Frederik | last3 = Obermayer | first3 = Bastian | title = Putin's rich friends | url = https://panamapapers.sueddeutsche.de/articles/56fec05fa1bb8d3c3495adf8/ | newspaper = Süddeutsche Zeitung | access-date = May 18, 2018}}</ref><ref name="GuardianRoldugin160403">{{cite news|last=Harding|first=Luke|title=Sergei Roldugin, the cellist who holds the key to tracing Putin's hidden fortune|url=https://www.theguardian.com/news/2016/apr/03/sergei-roldugin-the-cellist-who-holds-the-key-to-tracing-putins-hidden-fortune|newspaper=The Guardian|date=April 3, 2016|access-date=May 18, 2018}}</ref>
In line with the voluntary decision of the shareholders of RCB to wind down banking operations, the ECB/CBC approved the withdrawal of the banking license of RCB on 22 December 2022.<ref>{{Cite web |last=Bank |first=European Central |date=2022-12-22 |title=ECB withdraws banking licence of RCB Bank |url=https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr221222~9a92f99f3c.en.html |language=en}}</ref> The bank has ceased to trade.
== Controversies ==
=== The Cyprus Papers === In 2025, it was reported that leaked Cypriot government reports showed how RCB helped two of its Ukrainian clients obtain Cypriot passports, despite having close business partnerships with sanctioned Russian entities. According to media reports, RCB helped Makar Paseniuk and Konstantin Stetsenko, founders of Ukrainian firm Investment Capital Ukraine (ICU), obtain their Cypriot citizenship.<ref>{{Cite web |date=April 29, 2022 |title=The Kremlin Connections Behind Cyprus’s RCB Bank |url=https://www.occrp.org/en/investigation/the-kremlin-connections-behind-cypruss-rcb-bank |website=OCCRP}}</ref>
==See also== * Tomas Alibegov * List of banks in Cyprus
==References== {{Reflist}}
==External links== *{{Official website|url=http://www.rcbcy.com/}}
{{DEFAULTSORT:RCB Bank}} Category:Banks under direct supervision of the European Central Bank Category:1995 establishments in Cyprus Category:Companies based in Limassol Category:Banks established in 1995 Category:Defunct banks of Cyprus