Cyprus Mail

WL Ross & Co. says no impact on BoC stake if Ross’s appointment approved

By Stelios Orphanides

The share of WL Ross & Co LLC in Bank of Cyprus will remain unaffected should the appointment of US billionaire Wilbur Ross as Secretary of Commerce be confirmed, the company said.

“In response to media reports regarding holdings of Bank of Cyprus group by funds managed by WL Ross & Co LLC and Wilbur Ross’s role as the vice-chairman of Bank of Cyprus Group should he be confirmed as the Secretary of the United States Department of Commerce, WL Ross & Co. LLC confirms that Ross’s confirmation will not impact the funds’ shareholdings in the bank,” WL Ross & Co LLC said in a statement on the website of on Wednesday.

The company, which – participated in Bank of Cyprus’s 2014 €1bn capital increase, led by Ross, added that president-elect Donald Trump’s choice for secretary of commerce, “will remain actively involved with the Bank and is in discussions with the Bank regarding Wilbur Ross’s replacement on the Board should he be confirmed”.

“WL Ross & Co. is pleased with the progress that Bank of Cyprus’s management team is making regarding the execution of its strategy and looks forward to continuing to work together,” the company said.

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