RCB Bank on Monday announced that the sale of Tranche B of its performing loan portfolio to Hellenic Bank has been successfully completed.

This follows the original statement released on March 22 which announced the sale of a performing loan portfolio to Hellenic Bank, including related funds on the accounts of the corresponding borrowers and related off-balance sheet obligations.

The loan portfolio being sold was composed of two tranches, with Tranche A corresponding to Cypriot exposures, and Tranche B relating to Cypriot and other European.

The bank said that Tranche B has a gross book value of approximately €64 million.

The total value of the performing portfolio that RCB Bank has sold to Hellenic Bank, which includes both tranches, has a gross book value of approximately €356 million.

“It is reminded that RCB Bank Ltd, which is phasing out its banking operations due to the new geopolitical realities, decided to proceed with the sale of part of its performing loan portfolio so as to safeguard the smooth return of all deposits to its clients, a pioneering move in Cyprus’ banking history, thus treating its depositors with the most ethical manner and in line with its values,” the banks explained.

“The total amount of the performing portfolio sold to Hellenic Bank Public Company Ltd does not only cover all the deposits that have been or are being returned but leaves RCB with a substantial surplus of liquid assets for its further operations,” the bank added.