Speaking during a business event held at the Leventis Gallery in Nicosia where Nobel economics laureate Christoforos Pissarides was the keynote speaker to an audience of 100 corporate executives, the bank’s Chairman Panayiotis Loizides announced RCB’s decision to substantially increase its local lending operations.

“Our prime concern and goal is to support business activity and the economy of Cyprus at large,” said Loizides, the former chief executive of the Cyprus Chamber of Commerce, KEVE.

Sotos Zackheos, Executive Director of RCB Bank, said that the bank is a financially strong and trusted, privately owned Cypriot institution with resources to grant loans. As of March 31, 2015 its assets amounted to over €11 billion and owner equity to €500 million.

“The bank aims to become one of the top players for local lending and the bank of choice for Cypriot businesses. Within this framework, our strategic plan also includes the significant increase of our presence throughout Cyprus,” stated Zackheos who reiterated RCB Bank’s commitment, as a major Cypriot bank, to fulfil its role in supporting the Cyprus economy.

In his keynote speech, board member Dr. Christoforos Pissarides conveyed a positive message with regards to the state of the Cyprus economy, saying that “the public finances are on a sound footing and they should continue to improve. The reason behind this improvement lies with the overall better-than-expected performance of the Cyprus economy at large”.

He presented several scenarios stressing that “fast structural reforms in product markets and the legal framework for business” are prerequisites for further economic growth in Cyprus.

Established in 1995, the bank operates branches in Nicosia, Limassol and Luxembourg.

Already, the bank has made its presence known in the local community by a substantial donation of €50,000 to the newly founded Independent Social Support Body that will provide tangible, direct and transparent support to Cypriot students at universities who face financial difficulties.

Commenting on RCB’s donation, the bank’s CEO Kirill Zimarin said: “Being a leading financial institution in Cyprus, RCB Bank Ltd is socially responsible and cares for the Cypriot society. It is a great pleasure for us to support the new generations of Cypriot students. Our contribution to the Independent Social Support Body represents in essence investing in Cyprus’ future”.

Source: Financial Mirror