VTB Bank’s timely sale of RCB Bank stake raises questions

The new ownership structure is currently pending approval from the ECB

On February 24, the first wave of sanctions following Russia’s invasion of Ukraine hit a number of the country’s state-owned banks. On the same day, one of them, VTB Bank, sold all its shares in RCB Bank – Cyprus’s third-largest lender.

According to the latest annual report, VTB Bank – the second largest bank in Russia – owned a 46.29% stake in RCB Bank at the end of 2020. Two Cypriot groups, Crendaro Investment and Mitarva, owned 49.9% and 3.81%, respectively.

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