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News & Events
Jul
29

Billionaire investor, Wilbur Ross, gave today an exclusive interview to FOX Business Network on his intentions to invest in the Bank of Cyprus. Ross considers Cyprus to be the next country to turn around and sees a very big upsurge in Russian tourism to Cyprus.

You may read below some excerpts from Ross’s interview:

Wilbur Ross on investing in the Bank of Cyprus, given the conflict between Russia and Ukraine:

“Well, actually, there has been a very big upsurge in Russian tourism to Cyprus because people are concerned with what’s going on there and it’s a very good place to go. 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.”

Wilbur Ross on whether he would be interested in selling the Russian piece of the Bank of Cyprus:

“Well, it’s early days, so we have to figure out what to do, but clearly when they are in the middle of the war it’s not the right time.”

Wilbur Ross on whether Europe has recovered financially:

“Well, I think it is a selective recovery, nobody has ever introduced themselves to me as a European. They introduce themselves as French, German or Italian or what have you, so when you talk about Europe you really have to go country by country. The UK was not very hard hit by the recession and has recovered very well – property values especially in London have gone up a lot. 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.”

On European Central Bank President Mario Draghi expected to do a stimulus similar to what the Federal Reserve has been doing:

“Right, well, Draghi has been amazing in that for about one year after he said he would do whatever is needed he didn’t have to do anything, so he is a good talker, maybe better than our Federal Reserve chiefs have tended to be.”


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