RCB Bank was founded in 1995 under the name Russian Commercial Bank (Cyprus), which changed to simply RCB Bank in November 2013. The bank is based in Limassol, with branches in Nicosia and nine other locations across Cyprus as of July 2018 It also has branches in Luxembourg and representative offices in Moscow and London. In February 2022, VTB Bank sold its shares in RCB to Cypriot shareholders in the midst of economic effects caused by Russia's invasion of Ukraine, thus making the bank entirely Cypriot-owned for the first time.