The Cypriot private RCB Bank plans to support investments on the island by providing more corporate loans. The bank wants to expand its presence in the country by setting up local offices thus ensuring easier access to Cypriot companies interested in obtaining loans. RCB is currently one of the largest private banking institutions in Cyprus.
The RCB bank is a private banking institution based in Limassol. RCB was established in 1995 and is one of the most important private banks in Cyprus and in Europe also. The bank currently operates in Limassol, Nicosia and Luxembourg. RCB passed the stringent stress tests at the end of last year, which is why its representatives decided to expand the bank’s presence on the island. The bank has committed to support investment in Cyprus, therefore the Chairman, Panayiotis Loizides, announced RCB has decided to increase its local corporate lending operations. The bank wants to become the first bank Cypriot companies turn to when they are interested in obtaining a loan, as it has all the necessary resources to grant them. Its current total assets exceed 11 billion euros, while the owner equity rises up to 500 million euros. Governmental representatives have also welcomed the bank’s financial aid for boosting the Cypriot economy.
Cyprus already has a strong public finances sector which is continuing to expand and improve due to the economic growth the country is experiencing. However, according to the declarations of the Executive Director of RCB Bank Sotos Zackheos, reforms are still needed in the product markets and in the Cypriot commercial legislation in order to grant easier access to corporate loans which would further translate into economic growth.
With respect to financing options Cypriot companies have at the moment, long-term financing for investment projects is one of the most popular solutions. Investment loans are available for both local and international companies operating in Cyprus, according to the Government. When it comes to private financing solutions, companies may benefit from specific industry-directed loans and even credit lines for working capital financing.
For complete information about the banking system and corporate financing options you may contact our attorneys in Cyprus.
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