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.