Moody’s Investors’ Service upgraded RCB Bank’s long term local- and foreign-currency deposit ratings to B1 from B3 and its baseline credit assessment to b2 from b3.
According to a Moody’s announcement, rating action reflects RCB Bank’s strong solvency, low level of problem loans, as well as expectation that the bank will continue to grow its business.
Commenting on this positive development, the CEO of RCB Bank Dr. Kirill Zimarin said that Moody’s rating reaffirms the confidence in the Bank from both the Bank’s clients and the management.
“With strong capital and liquidity position, confirmed by this improved rating, RCB will continue implementation of its strategy focused on growth in the Cypriot and other European markets”, Dr. Zimarin said.
RCB Bank Ltd, established on August 1st 1995, is one of the largest banks in Cyprus and among the European significant Banks, which are under the direct supervision of the European Central Bank through the SSM mechanism. The Bank operates branches in Nicosia, Limassol, Pafos, Larnaca and Luxembourg and has representative offices in London and Moscow.