“RCB continues to hold the highest rating level amongst Cypriot banks,” said the bank in a statement.

“RCB Bank’s strengths, such as strong capitalization, good asset quality, as well as good profitability through the cycle are amongst S&P’s major rating factors,” it added.

S&P said RCB Bank's corporate governance was adequate, and internal anti-money laundering control system to be sound.

“The agency views the steady growth of domestic business in loans and deposits, much better credit and earnings performance, compared to domestic peers, as positive factors for business stability,” said RCB.

It said the S&P analysis was confirmation of RCB’s “strong and stable position in Cyprus”.

Source: Financial Mirror