13 May 2013 19:28

VTB

MOSCOW. May 13 (Interfax) - Russian Commercial Bank (Cyprus), a subsidiary of Russian VTB , has resumed operations in full, VTB said in a statement.

The resumption came after VTB chief Andrei Kostin met with Cypriot President Nicos Anastasiadis and Cypriot Central Bank head Panikos Dimitriadis.

At the meeting, Anastasiadis and Orphanides reported that RCB had been recognized as an international financial institution servicing the foreign financial operations of its clients. Effective May 13, 2013, the bank and its foreign clients can conduct all banking operations without limitation.

The Cypriot Finance Ministry had approved lifting the restrictions on the financial operations of RCB and the Cypriot subsidiary of Russian Promsvyazbank late last week.

The government of Cyprus and its Central Bank imposed restrictions on banking operations in March 2013.