Cypriot bank RCB’s license has been suspended by the European Central Bank (ECB), months after the latter imposed restrictions upon the former.
The restrictions came right after RCB partnered up with Hellenic Bank to sell a performing loan portfolio worth over €556 million.
While the ECB allowed the deal to operate, other parts of the bank’s business were put under restrictions.
According to a statement by the ECB, the decision has been made in light of the voluntary phase-out of RCB’s banking operations.
RCB began operations in 1995, most of which were aimed to serve Russian clients. This was stopped earlier in 2022.
