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What the new Labour government means for your money

Now that the dust has settled on the election we can take stock of what a Labour win will mean for your finances

ECB revokes license of Cyprus-based RCB Bank

Reuters
·1-min read

(Reuters) - The European Central Bank (ECB) said on Thursday it has withdrawn Cypriot lender RCB's banking license, months after the central bank restricted parts of its business.

In March, RCB Bank struck a deal with Hellenic Bank for the sale of a performing loan portfolio valued up to 556 million euros. The ECB permitted that deal but restricted the rest of the bank's business.

In a statement on Thursday, the ECB said the decision follows the completion of RCB's voluntary phasing out of its banking operations.

RCB started operations in 1995 that were mainly geared towards the Russian business community on the island. In March it said would cease new business with clients.

(Reporting by Akriti Sharma in Bengaluru, editing by Deepa Babington)