# RCB Bank > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/RCB_Bank > Markdown URL: https://mediated.wiki/source/RCB_Bank.md > Source: https://en.wikipedia.org/wiki/RCB_Bank > Source revision: 1357139066 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{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](/source/Limassol), Cyprus | num_locations = | key_people = Christakis Santis (chairman)
[Kirill Zimarin](/source/Kirill_Zimarin) (CEO) | industry = [Bank](/source/Bank)ing, [financial services](/source/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= | revenue = | net_income = | num_employees = | parent = | subsidiaries = | slogan = | website = | defunct = licence withdrawn December 2022 | footnotes = | intl = }} '''RCB Bank''' (formerly '''Russian Commercial Bank''') was an international bank founded in 1995 and headquartered in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](/source/Limassol), Cyprus. ==Background== [[File:RCB Bank branch in Nicosia.jpg|alt=|thumb|right|240px|RCB branch in [Nicosia](/source/Nicosia)]] In 1963, the [London](/source/London)-based [Moscow Narodny Bank](/source/Moscow_Narodny_Bank) established a branch in [Beirut](/source/Beirut) for foreign trade and export support from the [USSR](/source/USSR) to Middle Eastern countries.{{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}}{{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}}{{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}}{{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/}} In 1985, during the height of the [Libyan–U.S. crisis](/source/Muammar_Gaddafi), 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](/source/Gosbank) in 1989.{{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}} It was later transferred to the Russian [VTB Bank](/source/VTB_Bank), becoming a full subsidiary of VTB in August 1995.{{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](/source/Forbes) | date = January 3, 2012 | access-date = August 6, 2018}} In 2002, VTB owned the controlling stake in RCB Bank and also had controlling stakes in the Vienna-based Donau Bank and the [Luxembourg](/source/Luxembourg)-based [East-West United Bank](/source/East-West_United_Bank). By 2005, VTB controlled 100% of RCB Bank.{{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)](/source/%3Aru%3A%D0%90%D0%B3%D0%B5%D0%BD%D1%82%D1%81%D1%82%D0%B2%D0%BE_%D1%84%D0%B5%D0%B4%D0%B5%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D1%8B%D1%85_%D1%80%D0%B0%D1%81%D1%81%D0%BB%D0%B5%D0%B4%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D0%B9) (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]{{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=}}{{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»](/source/%3Aru%3A%D0%9A%D0%BE%D0%BC%D0%BF%D0%B0%D0%BD%D0%B8%D1%8F_(%D0%B6%D1%83%D1%80%D0%BD%D0%B0%D0%BB)) (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}} ==History== RCB Bank was founded in 1995 under the name Russian Commercial Bank (Cyprus), which changed to simply RCB Bank in November 2013.{{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}} The bank was based in [Limassol](/source/Limassol), with branches in [Nicosia](/source/Nicosia){{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}} and nine other locations across Cyprus.{{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}} It also had branches in Luxembourg and representative offices in Moscow and London. The bank's chairman was Greek-Cypriot banker Christakis Santis, while Russian banker [Kirill Zimarin](/source/Kirill_Zimarin) was its CEO.{{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}} Other board of directors members included English-Cypriot economist [Sir Christopher Pissarides](/source/Christopher_Pissarides), Greek-Cypriot former foreign minister [Erato Kozakou-Marcoullis](/source/Erato_Kozakou-Marcoullis), Greek-Cypriot former attorney general [Petros Clerides](/source/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](/source/Sotos_Zackheos).{{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}} In November 2014, RCB Bank was categorized as a significant bank under [European Banking Supervision](/source/European_Banking_Supervision).{{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}}{{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}} RCB Bank was a partner of the [European Investment Bank](/source/European_Investment_Bank){{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}} and the [European Investment Fund](/source/European_Investment_Fund) in financing investment projects implemented with the EU funds in Cyprus.{{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}} 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](/source/Otkritie_FC_Bank).{{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}} 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](/source/2022_Russian_invasion_of_Ukraine),{{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}}{{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}}{{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](/source/Moody's_Investors_Service) | date = August 29, 2017 | access-date = May 18, 2018}} thus making the bank entirely Cypriot-owned for the first time.{{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](/source/Financial_Times) | date = August 24, 2016 | access-date = May 18, 2018}}{{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](/source/The_Guardian) |location=London |date=April 3, 2016 |first=Luke |last=Harding}}{{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](/source/RBC_News)|access-date=April 28, 2018|date=April 4, 2016|language=ru}}{{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](/source/S%C3%BCddeutsche_Zeitung) | access-date = May 18, 2018}}{{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}} 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.{{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}} The bank has ceased to trade. == Controversies == === The Cyprus Papers === In 2025, it was reported that [leaked Cypriot government](/source/Cyprus_Papers) reports showed how RCB helped two of its Ukrainian clients obtain Cypriot passports, despite having close business partnerships with [sanctioned Russian](/source/Sanctions_on_Russia) entities. According to media reports, RCB helped Makar Paseniuk and Konstantin Stetsenko, founders of Ukrainian firm [Investment Capital Ukraine](/source/Investment_Capital_Ukraine) (ICU), obtain their Cypriot citizenship.{{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}} ==See also== * [Tomas Alibegov](/source/Tomas_Alibegov) * [List of banks in Cyprus](/source/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 --- Adapted from the Wikipedia article [RCB Bank](https://en.wikipedia.org/wiki/RCB_Bank) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/RCB_Bank?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.