RCB’s banking license withdrawn

The European Central Bank said on Thursday it has withdrawn Cypriot lender RCB’s banking license, months after the central bank restricted parts of its business.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 at 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. [Reuters]