Cyprus Mail

BOC’s Ackermann congratulates Ross for Trump cabinet nomination

Josef Ackermann (right) with Wilbur Ross

BANK of Cyprus chairman Josef Ackermann said that the appointment of the lender’s vice-chairman as US secretary of commerce by president elect Donald Trump was “an excellent choice”.

Ackerman, the former Deutsche Bank chief executive officer, said that Wilbur Ross, a billionaire who made a huge profit from his investment in Bank of Ireland two years ago and led a group of investors into Bank of Cyprus when the latter carried out a €1bn capital increase a year and a half after it turned depositor money into equity, made a “tremendous contribution to successful turnaround” of Bank of Cyprus, the island’s largest lender.

The Swiss banker, who joined Bank of Cyprus in November 2014, months after Ross’s entry into the bank, was commenting in a statement issued by Bank of Cyprus on Tuesday following Ross’s nomination by Trump as secretary of commerce.

While for the time a question mark lingers over the future of Ross’s investment in Bank of Cyprus, the Cyprus Business Mail understands that the bank’s vice-chairman is likely to place his investment under a “blind trust” during his term in Trump’s cabinet. Ross was not immediately available for a comment.

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