RCB Bank
RCB Bank was a Cyprus-based commercial bank formerly known as Russian Commercial Bank.
Last updated August 24, 2026
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Overview
RCB Bank was a Cyprus-based commercial bank founded in 1995 as Russian Commercial Bank (Cyprus). Headquartered in Limassol, it developed from a banking presence connected with the overseas trade-support activities of Moscow Narodny Bank, a London-based Soviet financial institution. The institution's earlier history can be traced to a Moscow Narodny Bank branch opened in Beirut in 1963 to support foreign trade and exports between the Soviet Union and Middle Eastern countries. After the Beirut branch closed in 1985 during the Libyan–U.S. crisis, some personnel and records were transferred to Cyprus. The bank received documentation from the State Bank of the USSR in 1989 and was subsequently transferred to Russia's VTB Bank, becoming a full VTB subsidiary in August 1995. The bank operated primarily in Cyprus, with its main base in Limassol and a branch network that included Nicosia and several other Cypriot locations. It also maintained a branch in Luxembourg and representative offices in Moscow and London. Its business was centered on commercial banking, including retail banking, corporate and institutional banking, payments and deposits, financing, and wealth-related services. RCB also participated in investment-project financing associated with European Union funds through cooperation with the European Investment Bank and the European Investment Fund. Ownership and governance changed over time. VTB had controlling ownership by 2002 and controlled the entire bank by 2005. In 2013, the institution shortened its name from Russian Commercial Bank (Cyprus) to RCB Bank. In 2014, it was classified as a significant institution within the European Banking Supervision framework. In 2017, CEO Kirill Zimarin increased his holding to 49.9% through the acquisition of a stake previously held by Otkritie Financial Corporation Bank. Following Russia's invasion of Ukraine and the resulting economic and sanctions-related pressure, VTB sold its shares in RCB in February 2022. The transaction left RCB entirely owned by Cypriot shareholders for the first time. The shareholders later decided voluntarily to wind down the bank's banking operations. The European Central Bank and the Central Bank of Cyprus approved withdrawal of RCB's banking licence on 22 December 2022, after which the institution ceased trading. RCB's later public profile was also affected by reporting concerning the Cyprus Papers. In 2025, media reports based on leaked Cypriot government documents alleged that the bank had helped two Ukrainian clients, Makar Paseniuk and Konstantin Stetsenko, obtain Cypriot citizenship while maintaining close business relationships with sanctioned Russian entities. These allegations concern the bank's historical activities and were reported after the institution had already ceased banking operations. RCB Bank is therefore best understood as a former Cyprus commercial bank with Soviet and Russian institutional origins, a substantial period within the VTB group, and a final phase of Cypriot ownership before its licence was withdrawn.
History
RCB Bank's institutional background began with Moscow Narodny Bank, a London-based bank involved in supporting Soviet foreign trade. In 1963, Moscow Narodny Bank opened a Beirut branch to assist trade and export activity between the Soviet Union and countries in the Middle East. That office closed in 1985 during the Libyan–U.S. crisis. Some staff and records were transferred to Cyprus, where the bank's documentation was subsequently received from the State Bank of the USSR in 1989. The Cyprus institution was later transferred to Russia's VTB Bank. It became a full VTB subsidiary in August 1995 and was established as Russian Commercial Bank (Cyprus) that same year. By 2002, VTB held a controlling interest, alongside controlling positions in Donau Bank in Vienna and East-West United Bank in Luxembourg. VTB had acquired complete control of RCB by 2005. RCB was headquartered in Limassol and built a presence in the Cyprus market through branches in Nicosia and other locations. Its international footprint included a Luxembourg branch and representative offices in Moscow and London. The bank offered commercial and retail financial services and took part in financing investment projects supported by European Union funds through partnerships with the European Investment Bank and European Investment Fund. In November 2013, Russian Commercial Bank (Cyprus) adopted the shorter RCB Bank name. The institution became subject to European Banking Supervision as a significant bank in November 2014. Its board and senior management included Cypriot and internationally known figures, while Kirill Zimarin served as chief executive and Christakis Santis as chairman. In August 2017, Zimarin raised his stake to 49.9% after purchasing a 19.85% interest from Otkritie Financial Corporation Bank. The bank's ownership structure changed decisively in February 2022, when VTB sold its shares following Russia's invasion of Ukraine and the associated economic and sanctions pressures. RCB consequently became fully owned by Cypriot shareholders. Shareholders later opted to end the bank's banking activities. The European Central Bank and Central Bank of Cyprus approved withdrawal of its banking licence on 22 December 2022, and RCB ceased trading. The bank was subsequently mentioned in reporting about the Cyprus Papers. In 2025, leaked Cypriot government reports were reported to allege that RCB had helped two Ukrainian clients, Makar Paseniuk and Konstantin Stetsenko, obtain Cypriot citizenship despite the bank's close business relationships with sanctioned Russian entities. These reports form part of the institution's post-closure public record and should be distinguished from confirmed regulatory findings unless supported by additional primary documentation.
- 2022
VTB exits ownership
[1]VTB sold its shares, making RCB entirely Cypriot-owned.
- 2022
Banking licence withdrawn
[1]The ECB and Central Bank of Cyprus approved withdrawal of RCB's licence on 22 December after a voluntary decision to wind down banking operations.
- 2017
CEO increases ownership
[1]Kirill Zimarin raised his stake in RCB to 49.9% through an acquisition from Otkritie Financial Corporation Bank.
- 2014
Classified as a significant institution
[1]RCB Bank was categorized as a significant bank under European Banking Supervision.
- 2013
Brand renamed RCB Bank
[1]The institution shortened its name from Russian Commercial Bank (Cyprus) to RCB Bank.
- 2005
VTB obtains full control
[1]VTB controlled 100% of RCB Bank.
- 1995
Russian Commercial Bank (Cyprus) established
[1]The Cyprus bank was founded under the Russian Commercial Bank (Cyprus) name and became a full subsidiary of VTB in August.
- 1989
Bank records transferred from the Soviet state bank
[1]The Cyprus operation received documentation from the State Bank of the USSR.
- 1985
Beirut branch closes and Cyprus connection develops
[1]The Beirut branch closed during the Libyan–U.S. crisis, with some employees and records transferred to Cyprus.
- 1963
Moscow Narodny Bank opens a Beirut branch
[1]The London-based Moscow Narodny Bank established a Beirut office to support Soviet foreign trade and exports to Middle Eastern countries.
Products and positioning
A Cyprus-based commercial and international banking institution serving retail, corporate, and institutional customers, with historical links to Russian and European cross-border finance.
Banking services
Retail banking
RCB operated as a commercial bank serving customers in Cyprus. Its retail activities formed part of the institution's broader banking offer, alongside deposits, payments, and other everyday financial services. Specific product-level details such as account names, card ranges, and pricing are not established in the supplied sources.
Commercial banking
Corporate and institutional banking
Corporate and institutional banking was a central part of RCB's business model. The bank supported business customers through commercial finance and related banking services, reflecting its historical role in cross-border and trade-oriented finance. The available sources do not provide a complete catalogue of lending products or sector specializations.
Project finance
EU-backed investment-project financing
RCB partnered with the European Investment Bank and European Investment Fund in financing investment projects implemented with European Union funds in Cyprus. This activity connected the bank to public-policy and development-finance programs rather than being limited to conventional deposits and loans.
Private banking and wealth management
Wealth management
Wealth management was identified as one of RCB's service areas. The supplied sources do not specify the precise advisory, investment, custody, or private-banking products offered, but the service formed part of the bank's wider proposition to affluent and internationally connected customers.
Controversies
2025
Cyprus Papers citizenship allegations
Reporting based on leaked Cypriot government documents alleged that RCB helped Ukrainian clients Makar Paseniuk and Konstantin Stetsenko obtain Cypriot citizenship while the bank maintained close business partnerships with sanctioned Russian entities. The allegation concerns historical conduct and should not be treated as a confirmed finding without additional primary or regulatory documentation.
Brand decisions
2022
VTB sells its RCB sharesM&ABackground
The sale took place amid the economic consequences and heightened geopolitical pressure associated with Russia's invasion of Ukraine.
Action taken
VTB sold its shares in RCB to Cypriot shareholders.
Aftermath
RCB became entirely Cypriot-owned for the first time.
2022
Voluntary wind-down of banking operationsStrategyBackground
After the ownership change and the surrounding geopolitical and economic conditions, RCB shareholders decided to end the bank's banking operations.
Action taken
The shareholders initiated a voluntary wind-down, and the ECB and Central Bank of Cyprus approved withdrawal of the banking licence on 22 December.
Aftermath
RCB ceased trading and is now a defunct bank.
2017
Increase in CEO ownership stakeM&ABackground
Otkritie Financial Corporation Bank held a stake in RCB while Kirill Zimarin was the bank's chief executive.
Action taken
Zimarin acquired a 19.85% interest from Otkritie, increasing his total ownership to 49.9%.
Aftermath
The transaction gave the chief executive a substantial direct ownership position in RCB.
2013
Adoption of the RCB Bank nameStrategyBackground
The institution had operated as Russian Commercial Bank (Cyprus) since its establishment.
Action taken
In November 2013, it changed its name to RCB Bank.
Aftermath
The shorter name became the bank's principal public identity until its closure.
Recent events
- 2022
VTB sells its shares in RCB Bank[1]
M&A
VTB disposed of its shares amid the economic and geopolitical consequences of Russia's invasion of Ukraine, leaving RCB owned entirely by Cypriot shareholders.
- 2022
RCB Bank licence withdrawn after voluntary wind-down[1]
Bankruptcy · Regulation
The European Central Bank and Central Bank of Cyprus approved withdrawal of RCB's banking licence on 22 December 2022 after shareholders chose to wind down banking operations.
- 2017
Kirill Zimarin increases his ownership stake[1]
Other
The chief executive increased his ownership in RCB to 49.9% by acquiring a 19.85% interest from Otkritie Financial Corporation Bank.
- 2014
RCB Bank classified as a significant European bank[1]
Regulation
RCB Bank entered the significant-institution category under European Banking Supervision.
- 2013
RCB Bank changes its name from Russian Commercial Bank[1]
Other
The bank adopted the shorter RCB Bank name in November 2013.
Sources1 sources
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