Ross to cut ties with Bank of Cyprus – report

Bank of Cyprus vice chairman, US billionaire Wilbur Ross, intends to cut his ties with the lender after being nominated by US president-elect Donald Trump as commerce secretary, Bloomberg News reported on Thursday.

Ross, who led a group of investors into Bank of Cyprus in 2014, when the lender raised its capital by €1bn, also plans to resign as vice chairman while WL Ross & Co., a company named after him that he sold a decade go, will maintain its stake in the bank, Bloomberg reported without citing a source.

The billionaire, who made money by investing, restructuring, and disposing his share in Bank of Ireland, and advised Trump during his presidential campaign, is likely to sell his rights as much as half of incentive fees available to partners, Bloomberg reported.

The value of Ross’s investment in Bank of Cyprus, which is preparing for a listing on the London Stock Exchange, has dropped more than one-third since August 2014.

Bank of Cyprus and a spokesperson working for Ross were not immediately available for a comment.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.