Deutsche Bank Cuts Ties to RCB, Cyprus Firm Named in Panama Leak
- RCB, 46% owned by VTB, allegedly dealt with Putin associates
- Person says Panama leak sped process; RCB denies any such link
A logo sits on display outside an RCB branch in Limassol, Cyprus.
Photographer: Andrew Caballero-Reynolds/BloombergThis article is for subscribers only.
Deutsche Bank AG is severing ties with the Cypriot lender partly owned by VTB Group that was identified in a media report as arranging as much as $2 billion in offshore transactions linked to associates of Russian President Vladimir Putin.
RCB Bank Ltd., the Cyprus-based lender 46 percent owned by Kremlin-backed VTB, said in an e-mailed statement Friday that Deutsche Bank informed it of the decision on March 21, and that the two firms are continuing their correspondent banking relationship during a transition period. An official for Deutsche Bank declined to comment.