Moody’s Investors Service confirmed RCB Bank’s deposit rating and raised its outlook from stable to positive in its recently published and updated press release on the Bank.
RCB Bank’s rating by Moody’s remained unchanged at B1, which is the highest rating among Cypriot banks. In addition, its outlook has changed from stable to positive. This stability of the Bank’s rating and the change in its outlook to positive are gaining in importance, given the fragile economic environment induced by the pandemic.
Said international rating agency has a positive view of RCB Bank’s strong capital levels, with a total capital adequacy ratio of 21.1% as at December 31, 2020. The rating affirmation also reflects the evolution of the rating. Bank responsibility structure leading to increased protection that will be afforded to depositors.
RCB Bank CEO Dr Kirill Zimarin stressed the importance of changing the Bank’s outlook to positive and maintaining the rating by Moody’s and noted: âIn these difficult times of a global pandemic and its effects on the local and global economy, Moody’s confirmation of RCB Bank’s financial stability in terms of both capital and liquidity is gaining in importance. This repeated confirmation coupled with the shift in our outlook to the positive allows us to continue to support our customers and of course through them the Cypriot economy as a whole and to look to the future with confidence. Through the implementation of our successful strategy and our investments in innovation and the new digital banking era, we will continue to contribute in a tangible and positive way to the recovery and growth of Cyprus â.
RCB Bank Ltd was established on August 1, 1995, is one of the largest banks in Cyprus and among the major European banks, which are under the direct supervision of the European Central Bank through the SSM mechanism. The Bank operates branches in Nicosia, Limassol, Larnaca, Pafos and Luxembourg.