RCB Bank means to remain in Cyprus in order to continue developing its operations and adjusting to stricter anti-money laundering rules. This is irrespective of the increasing geopolitical tensions and subsequent sanctions imposed by the United States and also, the European Union targeting Russia, which all damaged the business environment according to sources.
In addition, the bank’s chief executive officer (CEO) and main shareholder Kirill Zimarin stated to a source that while the bank is expanding its branch network, it is also developing its online and digital service which will allow it to lower the restrictions of accepting new customers.
Moreover, RCB, partly owned by Russia’s state-run VTB Bank is increasingly eying the non-Russian part of the market in Cyprus.
Simultaneously, the bank’s Russian business with both a physical and economic presence on the island continues to grow unwaveringly on the island which is home to an estimated 30,000 Russians.