Wilbur Ross Invests in Bank of Cyprus and Europe

Wilbur Ross, the famous American investor and manager of WL Ross, has recently been on FOX Business Network, where he presented his insights regarding one of his latest investments, in the Bank of Cyprus, as well as the European economy in general. Mr. Ross said that he believes that Cyprus might change its course, which probably explains his investment in the Bank of Cyprus, which is worth around $1.0 billion. . In addition, Mr. Ross added that taken into account that the Bank of Cyprus holds over 160 branches in Russia, they will have to do something about them, giving the tough situation around Russia.

INVESCO PRIVATE CAPITAL Wilbur Ross

“They already have 80,000 shareholders, believe it or not. Because, when the crisis came, the EU required them to do a bailing. Namely, they converted 47.5% of the deposits over 100,000 euro into equity,” Mr. Ross said about the Bank of Cyprus.

So, in this way, the Bank of Cyprus has a vast number of shareholders, even though these shareholders have obtained their stakes involuntary.

Regarding the Cyprus recovery overall, Mr. Ross considers that the situation will be improved by an increase in the Russian tourism in Cyprus. Russians and nationals of other Russian-speaking countries might choose Cyprus as a holiday destination, because it is “a very good place to go. A lot of A lot of the restaurants have waiters who speak Russian – menus in Russian, things of that sort, so a lot of middle class Russians and Ukrainians vacation in Cyprus,” Mr. Ross added.

Mr. Ross also discussed the European financial situation. He considers that it is hard to speak about the financial recover of Europe as a whole, but rather to take a look at each country in particular. As an example, Mr. Ross said that the U.K. managed to recover well, taking into account that it was not hit very hard by the recession.

“Ireland as you can see from the recent figures is coming up very, very well from their terrible collapse of their own banks. Greece was on a slower track then those and that’s why we waited till a few weeks ago to go into Eurobank there and now Cyprus, we think is going to be the next one to really turn around,” Mr. Ross said.

Overall, Mr. Ross has been more investing in Europe, because this region is at an earlier “stage of recovery.” Therefore, with the U.S. markets growing steadily over the past years, finding a profitable and cheap investment is harder than in Europe.

““[...] we’ve been buying a lot in Europe because being at an earlier stage of recovery and that’s where there are idiosyncratically depressed situations. The U.S. has a reasonably healthy economy for the last few years; markets at all-time highs, so it shouldn’t be too surprising and it’s hard to find inexpensive things here.”


Disclosure: none

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

The 10 Largest Armies in the World: Who Should We Be Afraid Of?

Best Warren Buffett Quotes on Money You Need to Hear

The 10 Highest Suicide Rates by Profession

The 20 Most Underrated Movies of All Time

The 10 Fastest Growing Companies in America

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!