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S&P confirms RCB Bank’s “BB-/B” rating with stable outlook

August 29, 2019 at 10:45am
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S&P Global Ratings has published its annual report on RCB Bank, confirming its “BB-/B” long- and short-term counterparty credit ratings with stable outlook.

According to a press release by the bank, “RCB continues to hold the highest rating level amongst Cypriot banks.”

“RCB Bank’s strengths, such as strong capitalization, good asset quality, as well as good profitability through the cycle are amongst S&P’s major rating factors,” the press release points out.

It adds that the agency views the steady growth of domestic business in loans and deposits, much better credit and earnings performance, compared to domestic peers and management team as positive factors for the business stability of RCB.

S&P considers RCB Bank`s corporate governance to be adequate, and internal anti-money laundering control system to be sound.

“This is another confirmation of the Bank’s strong and stable position in Cyprus,” the bank adds.

RCB Bank Ltd was 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, Larnaca, Paphos and Luxembourg.

(Cyprus News Agency)