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U.S. Commerce Secretary Wilbur Ross quits post at Bank of Cyprus

Xinhua, March 3, 2017 Adjust font size:

The Bank of Cyprus, the biggest bank on the island country, announced Thursday in a statement the resignation of its vice chairman Wilbur Ross.

Ross has become Secretary of Commerce under the new U.S. administration led by President Donald Trump.

The 79-year-old billionaire investor became Bank of Cyprus vice chairman after the investment fund he managed invested about 700 million euros (734 million U.S. dollars) during the lender's capitalization in October 2014.

A recent statement by his investment fund said that the withdrawal of Ross from its management would not affect its investment in the Bank of Cyprus.

Bank of Cyprus was at the center of a banking resolution at the beginning of the 2013 crisis of the Cypriot economy. Endit