Tuesday, July 29, 2014

Wilbur Ross: Big Upsurge in Russians Going to Cyprus

From ValueWalk:
Billionaire investor Wilbur Ross spoke with FOX Business Network’s (FBN) Maria Bartiromo during Opening Bell with Maria Bartiromo about investing in the Bank of Cyprus. Ross said, “Cyprus, we think is going to be the next one to really turn around” and that  “there has been a very big upsurge in Russian tourism to Cyprus.” When asked about whether he thinks Europe has recovered financially Ross said, “I think it is a selective recovery” and that “we’ve been buying a lot in Europe.”
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Excerpts from the interview are below.

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.”...MORE