The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
440 jobs Number of planned job losses
Announcement Date
29 March 2022
Employment effect (start)
Foreseen end date
Description
The management of RCB Bank made the decision to transform the bank into an asset management company, due to the ongoing and extremely unstable geopolitical situation reducing the staff by 440 people.
The personnel that will keep their positions are those who will continue to manage a large percentage of their loan portfolio. This portfolio includes financing for development projects in various economic sectors, most of which are in progress in a number of European countries, or have been completed. In addition, RCB announced the sale to Hellenic Bank of a portfolio consisting of corporate loans. The staff responsible for the portfolio (16 people) will keep their jobs until the completion of the two phases of the sale, at which point they will be hired by Hellenic Bank to keep monitoring the affected customers and to continue managing this portfolio.
The rest of the personnel will remain until the completion of the process of returning all deposits to the bank's customers. With the completion of this cycle, RCB will proceed with declaring those employees as redundant due to surplus. The schedule of those redundancies and the total number of affected employees are still unknown, and the employees are not organized in any trade union. The company commited to implement the provisions in the personal contract of each affected employee in relation to termination of employment, and the labour law relevant to termination due to redundancy. Due to the expected high number of affected families, the issue will be discussed on 03 May 2022 in the Cypriot House of Representatives, to ensure that employees are informed about all the aspects of this procedure and that none of their rights are violated.
RCB Bank, formerly Russian Commercial Bank, established in 1995 and headquartered in Limassol, Cyprus. It is one of the largest banks on the island and one of the European banks directly supervised by the European Central Bank under the Single Supervisory Mechanism (SSM). The Bank has branches in Nicosia, Limassol, Paphos, Larnaca and Luxembourg, and it is employing around 440 people.
Eurofound (2022), RCB Bank, Internal restructuring in Cyprus, factsheet number 106717, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/106717.
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