BREAKING NEWS

Ross's confirmation as US commerce secretary won't affect Bank of Cyprus holdings

By REUTERS

JANUARY 19, 2017 10:51

ATHENS, Jan 19 (Reuters) - The confirmation of billionaire investor Wilbur Ross as US Commerce Secretary will not affect his investment fund's shareholdings in the Bank of Cyprus , WL Ross fund management company said on Thursday.

Responding to media speculation about WL Ross fund holdings in Bank of Cyprus group and Wilbur Ross's role as vice-chairman of the bank, his company said it would remain "actively involved" with the bank.

"WL Ross & Co is in discussions with the bank regarding Wilbur Ross's replacement on the board should he be confirmed," it said.

"WL Ross & Co. is pleased with the progress that Bank of Cyprus' management team is making regarding the execution of its strategy and looks forward to continuing to work together."

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