Europe

RCB Bank maintains only about 90 of its 356 current employees

Only about 90 of the 356 staff currently employed by RCB Bank Ltd, based in Limassol, avoid unemployment. This is only with the approval of the Central Bank of Cyprus.

This was reported by Philenews on Wednesday, adding that 70% of its employees are Cypriots.

The RCB announced in March that it would voluntarily suspend banking operations, but insiders said European regulators pressured to suspend banking operations following Russia’s invasion of Ukraine.

Cyprus’ fourth-largest bank has announced that it will end its banking operations following the “unstable geopolitical situation” caused by Russia’s invasion of Ukraine a month ago.

The lender said it would continue to operate not only as an asset management company but also as an e-commerce institution, seeking a license to retain 90 employees.

The rest are expected to receive a letter of retirement in the middle of the month, insiders said.

The RCB will also close its Larnaca and Paphos branches, as well as its Luxembourg and Moscow branches in the middle of the month.

https://in-cyprus.philenews.com/rcb-bank-to-keep-only-about-90-out-of-356-current-employees/ RCB Bank maintains only about 90 of its 356 current employees

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