Russian Commercial Bank To Continue Operating In Cyprus

The Russian Commercial Bank (Cyprus) Ltd, subsidiary of the Russian state bank VTB, intends to maintain its operations in Cyprus. According to CNA sources, despite initial thoughts by the bank to transfer its operations to Malta, due to the recent Eurogroup decision on Cyprus and the restrictions imposed afterwards on the movement of capital, the bank has decided to remain in Cyprus.

The same sources have told CNA that the bank's decision is a token of its confidence in the Cyprus banking system, the Cypriot authorities and the prospects of the economy on the island.