Successful completion of tranche B of loan portfolio sale to Hellenic

RCB Bank Ltd announces that further to its press release of March 22nd 2022, the sale of Tranche B of its performing loan portfolio to Hellenic Bank Public Company Ltd has been successfully completed.

The said Tranche B regards to Cypriot and other European exposures of gross book value of c. €64 mn. The total of the performing portfolio of RCB Bank Ltd that has now been sold to Hellenic Bank Public Company Ltd (Tranches A & B) is of c. €356 mn. of gross book value.

It is reminded that RCB Bank Ltd, which is phasing out its banking operations due to the new geopolitical realities, decided to proceed with the sale of part of its performing loan portfolio so as to safeguard the smooth return of all deposits to its clients, a pioneering move in Cyprus’ banking history, thus treating its depositors with the most ethical manner and in line with its values. The total amount of the performing portfolio sold to Hellenic Bank Public Company Ltd does not only cover all the deposits that have been or are being returned but leaves RCB with a substantial surplus of liquid assets for its further operations.