NewsLocalRCB Bank to keep only about 90 out of 356 current employees

RCB Bank to keep only about 90 out of 356 current employees

Only about 90 out of the 356 staff members currently employed by Limassol-based RCB Bank Ltd will avoid unemployment and this only if the Central Bank of Cyprus gives its approval.

This is what Philenews reported on Wednesday, adding that 70% of the employees are Cypriots.

RCB announced in March it would voluntarily cease banking operations, but insiders said European regulators pressured it to stop banking following Russia’s invasion of Ukraine.

Cyprus’s fourth-largest bank announced it would wind down its banking operations in the wake of the “volatile geopolitical situation” caused by Russia’s invasion of Ukraine a month earlier.

The lender will continue operating as an asset management firm as well as an electronic money institution, it said and asked for license to keep the 90 employees.

The remaining ones are expected to receive termination of employment letters in mid-month, an insider also said.

RCB is also expected to close its Larnaca and Paphos branches in mid-month, as well as those in Luxembourg and Moscow.

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