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Formation of the Bank and European Integration

On August 1st, 1995, RCB Bank obtains a banking license from the Central Bank of Cyprus.

The accession of the Republic of Cyprus to the European Union in 2004 signals the beginning of a new era for Cyprus and, subsequently, for RCB.

In accordance with EU legislation and the legislation of Cyprus, the Bank successfully implements new standards in regard to corporate governance, risk management, data confidentiality, money laundering prevention and detection.

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Developing Wealth Management and structured products

In 2008, the Board of Directors and shareholders of RCB decide on a new strategy and a new shareholder model, designed to drive profitability and growth by means of diversification. As a result, the Bank focuses on developing its wealth management business.

As part of its strategic plan, by the end of 2010, the Bank opens branches in Limassol and Nicosia.

In 2011-2012, the Bank further expands its product proposition. RCB accelerates the roll-out of new Visa debit and credit card products and improves payment services. In cooperation with international partners, RCB focuses on taking investment solutions to a new level including asset management services, discretionary portfolio management, structured investment products, improved derivative instruments and a wider range of trading options for securities.

In 2012, RCB migrates to a new innovative IT technology platform T24 by Temenos, a leading core banking system in the world, and introduces Online Banking with expanded capabilities for corporate clients.

In 2013, the Bank emerges stronger from the financial crisis, thanks to its effective risk management and high liquidity level. RCB is one of the first few banks to resume unrestricted operations with international clients as early as May 2013.

The successful recovery and exit from the crisis was followed by the rebranding of the Bank in November 2013. The new brand name “RCB Bank Ltd” is associated with an excellent reputation, first-class client service and loyalty.

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Expanding horizons, driving the business

After the financial crises, RCB concentrates all its efforts on the provision of banking services in the Cyprus market, thus helping the economy of the country.

In 2014, RCB launches a lending programme, which is specifically tailored to the investment needs of Cypriot companies. RCB also expands internationally and opens a branch in Luxembourg in October 2014.

In 2014, RCB is categorised by the European Central Bank (ECB) as a “significant EU bank” under the direct supervision of the ECB through the SSM mechanism. RCB successfully passes an asset quality review (AQR) and the stress tests under comprehensive assessment conducted by the ECB in 2014 and 2016.

In November 2014, the Bank enters a new growth phase. In accordance with the decision of its shareholders, RCB completes an equity capital increase through the issue of additional shares. The transaction brings the total equity of RCB to over 0.5 billion Euros.

In the beginning of 2015, RCB approves a new 5 year-long strategic business plan for Cyprus. In the summer of 2015, the Bank opens four new branches in Limassol and Nicosia. In 2017, RCB opens branches in Pafos and Larnaca.

In October 2015, RCB Bank celebrated its 20th anniversary with a charity event at the Presidential Palace where 10 charity organizations received 100,000 Euros in support of their work.

In February 2016, RCB joins forces with the European Investment Bank (EIB), the European Investment Fund (EIF) and the Government of Cyprus to achieve viable growth for the Cyprus economy by supporting small and medium sized Cypriot enterprises, making available competitive lending solutions on favourable terms.

RCB continues developing its product range and starts issuing contactless cards. In December 2017, the Bank launches the mobile application RCB Mobile Banking to offer its clients a new digital banking experience. In 2018 launches a unique multicurrency debit card – RCB Mastercard.

In 2018, in the frame of further developing its product range, the Bank launches acquiring services in Cyprus. Being the first and only Acquirer Bank in Cyprus, RCB offers payment processing solutions allowing businesses to accept payments from major payment card networks as well as digital wallets.

RCB is the first bank in Cyprus to introduce in 2018 an application for mobile payments – RCB Digital Wallet, while in 2019 Apple Pay is launched. The Bank also announces partnerships with American Express and Global Blue.

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Overcoming challenges, transforming business

The year 2020 brought unprecedented global challenge with COVID-19 pandemic, both for society and businesses.

RCB successfully overcomes the turbulence and the crisis. During this period, the Bank works remotely thanks to the technologically advanced systems that RCB has been introducing throughout the years.

In response to the challenges of 2020, RCB launches new products – SafePayLink, a new way of receiving payments remotely, Cash@POS feature enabling consumers to withdraw cash during a purchase inside a shop.

To support Cyprus in its fight against COVID-19, the Bank donates 12 ICU Ventilators and medical face shields. This much needed new equipment enhances the abilities of the National Health System to deal with the pandemic and save lives.

In 2020, RCB Bank celebrates its 25th anniversary in Cyprus in the spirit of solidarity by donating an amount of €100.000 to four charity organizations representing the very future of Cyprus.

In October 2021, RCB opens its flagship Nicosia Banking Centre, which combines the latest digital banking trends with face-to-face meeting experiences.

After 24 February 2022, the Bank focuses on developing a strategy aiming to ensure protection of Cypriot depositors in the on-going and extremely volatile geopolitical situation. The Bank takes the difficult, but at the same time, responsible decision to transform into a regulated asset management company. From May to October 2022, RCB phases out its banking operations, ensuring that the best interests of its clients are secured. The Bank repays customer deposits amounting 2,5 billion Euros which constituted the most ethical exit from banking services in the history of Cyprus.

In October 2022, RCB Bank completes the process of exiting banking operations.

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Recognition of excellence

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In 2014, the Bank receives a prestigious award from the Cyprus Investment Promotion Agency (CIPA), as a company, which has achieved outstanding results and a leading position in the industry.

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In 2015, RCB Bank is awarded the prestigious “Best Bank in Cyprus” recognition by The European magazine. The Bank also receives the outstanding "CIBA 2015 Business Award for Excellence" from the Cyprus International Businesses Association (CIBA).

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The Bank is recognised as the “Safest bank in Cyprus” by Global Finance Magazine for three consecutive years in 2016, 2017 and 2018.

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The Bank is recognised as the “Safest bank in Cyprus” by Global Finance Magazine for three consecutive years in 2016, 2017 and 2018.

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For its CSR initiatives, RCB receives awards from the Pan Cyprian Volunteerism Council in 2015 and 2016, as well as Award for Social Contribution from the Independent Social Support Body in 2016 and 2017.

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In 2019 RCB’s innovative payment solutions are recognized by Mastercard with its Market Shaker Award.