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VTB Bank in Cyprus resumes full-scale operations

May 13, 2013, 21:33 UTC+3

Russian Commercial Bank (Cyprus) has successfully passed all audits carried out by the Central Bank of Cyprus and independent European auditors

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MOSCOW, May 13 (Itar-Tass) - Russian Commercial Bank (Cyprus), part of VTB Group, resumed full-scale operations on Monday, May 13, following VTB Bank Management Board Andrei Kostin’s meetings with President of Cyprus Nicos Anastasiades and Governor of the Central Bank of Cyprus Panicos Demetriades in Limassol on Monday, May 13.

During the meetings, the Cypriot leaders announced that RCB (Cyprus) had been officially recognised as an international financial institution handling its clients’ foreign financial operations. Starting from May 13, 2013, the bank and its foreign clients can conduct all banking operations without any restrictions.

Russian Commercial Bank (Cyprus) has successfully passed all audits carried out by the Central Bank of Cyprus and independent European auditors. Among other things, the bank has been able to resume full-scale operations as a result of the official statement by the Cypriot and international verifiers to the effect that RCB (Cyprus) fully complies with all existing requirements, including best international standards in combating illegal money laundering.

Following the meeting with the President of Cyprus, Andrei Kostin said that he was personally grateful to Nicos Anastasiades, the Cypriot Parliament and the local financial authorities for their assistance in the resumption of the operations of RCB (Cyprus).

“There is no doubt that today’s decision will make it possible for the bank not only to continue its activity but also to promote it in Cyprus, also by attracting new clients. So a line has been drawn for VTB under the so-called ‘Cypriot crisis’ during which the bank and its clients managed to avoid financial losses,” Kostin said.

VTB Group includes VTB Bank as well as credit and finance subsidiaries in which it holds more than 50 percent of voting shares. Subsidiary lending institutions (banks) perform banking operations. Subsidiary financial companies offer stock market services, as well as insurance and other types of financial services. Subsidiary asset management companies for pension funds and unit funds, leasing companies and other types of subsidiaries operate on financial services markets.

All VTB subsidiary banks and financial institutions are part of VTB Group.

VTB Group operates a unique international business network — the largest among Russian banks — including over 30 banks and financial companies in over 20 countries. VTB offers its clients comprehensive services in the CIS, Europe, Asia and Africa. VTB is the second largest bank in Russia in terms of all major indicators.


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