RCB BANK LTD

Beginning of cooperation Last contact Last update
June, 2012 October, 2018 July, 2018

GSL reference about the bank

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RCB BANK LTD is a European bank with Russian roots and almost a 20 year history. It is a member of VTB Group, the leading international financial services group of Russian origin with its business presence in more than 20 countries. The holding company of the Group is VTB Bank Plc, one of the leading Russian banks, with the Russian government being the majority shareholder

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated — — BBB
    Year of foundation 1995
    History The history of the bank goes back to 1963, when the Moscow Narodny Bank of the USSR established a branch in Beirut, a major Middle Eastern financial and business centre at the time. As the political situation in the Middle East deteriorated in 1989, the branch was relocated to Cyprus, where ownership was transferred later to Vneshtorgbank. On 1 August 1995, the Bank reached an important milestone in its history when the branch was transformed into the Russian Commercial Bank (Cyprus) Limited as an overseas unit of VTB Bank and a banking licence was issued by the Central Bank of Cyprus. Since the accession of Cyprus into the European Union in 2004, the Bank has operated as a fully fledged European bank. In October 2010, Russian Commercial Bank (Cyprus) Limited opened new branches in Limassol and Nicosia. In November 2013, Russian Commercial Bank (Cyprus) Limited changed its name to RCB BANK LTD. In April 2014, RCB BANK opened a branch in Luxembourg
    Personnel The bank has Russian-speaking staff
    Bank’s shareholders VTB Group - 60%
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    — — 0 No restrictions No restrictions
    Transactions permitted per month The bank sets no restrictions on the number of transactions
    Initial deposit of funds, € None, but any amount should be transferred to activate the account
    Deadline for the initial deposit, month No deadline, but if no incoming payments are received during a long time, the bank may close the account
    Minimum turnover, €/year There is no minimum turnover
    How fast payments are executed Payments are accepted for same-day execution (Cyprus time): USD – before 16.00; for EUR, RUB and GBP – before 13.00

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    50 0 160 50 000 N/A
    Outcoming transfer, € Fee for outgoing transfers is 0.1% (min. EUR 43, max. EUR 155, including SWIFT- EUR 12.5). Outgoing transfers to VTB24 customers – EUR 10-15
    Incoming transfer, € There is no commission of incoming transfers
    Account maintenance, €/year Account opening and closure – free of charge. Account maintenance fee is EUR 40 per quarter (for corporate accounts) and EUR 12 (for private clients)
    Payment limit for credit cards, €/day Daily limit on bank cards is EUR 50 000 (which is set by default and can be changed at a customer’s request)
    Distant access to the account Internet banking (free of charge) with a token (initial giving of the token is free of charge)
    Financial products The bank offers a full range of banking services and products. Broker services. Depositary services. Individual fiduciary management. Anonymous metal accounts. Cheque books and bank cheques
    Credit/debit cards VISA Gold (credit and debit). Annual fee is EUR 100
    Hold mail Hold mail fee is EUR 80 per quarter. Bank reference letters – EUR 80

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Current
    Visit to the bank No visit to the bank is required. The beneficial owner needs to meet the bank officer
    Required Bank forms, copies of passports, corporate documents (for corporate accounts), description of the business and origin of funds (KYC)
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
     
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