OREANDA-NEWS. May 20, 2013. President of Cyprus Nicos Anastasiades and Governor of the Central Bank of Cyprus Panicos Demetriades met with President and Chairman of VTB Bank Management Board Andrey Kostin. Following the meetings, Russian Commercial Bank (Cyprus), part of  VTB Group, resumed full-scale operations.

During the meetings, the Cypriot leaders announced that RCB (Cyprus) had been officially recognised as an international financial institution handling its clients’ foreign financial operations. The bank and its foreign clients can conduct all banking operations without any restrictions.

Russian Commercial Bank (Cyprus) has successfully passed all audits carried out by the Central Bank of Cyprus and independent European auditors. Among other things, the bank has been able to resume full-scale operations as a result of the official statement by the Cypriot and international verifiers to the effect that RCB (Cyprus) fully complies with all existing requirements, including best international standards in combating illegal money laundering.

Following the meeting with the President of Cyprus, Andrey Kostin said that he was personally grateful to Mr. Nicos Anastasiades, the Cypriot Parliament and the local financial authorities for their assistance in the resumption of the operations of RCB (Cyprus).

“There is no doubt that today’s decision will make it possible for the bank not only to continue its activity but also to promote it in Cyprus, also by attracting new clients. So a line has been drawn for VTB under the so-called ‘Cypriot crisis’ during which the bank and its clients managed to avoid financial losses,” Andrey Kostin said.