Published December 13, 2012
LONDON – U.S. billionaire Wilbur Ross said there was no shortage of opportunities to buy European banking assets after investing in a shell company he will use to pick up potential bargains.
Ross, founder of private equity firm WL Ross & Co, said on Thursday he will pay about 8 million pounds ($13 million) to buy up to 37.8 percent of NBNK , a shell company that was being wound up.
"Given the turmoil in financial services, very few companies can get access to public capital markets so we feel a company like NBNK that is listed and has supportive shareholders will be attractive for a number of companies," Ross told Reuters in an interview.
He said he would "cast the net wide" and did not have a specific deal in mind, adding: "Judging from the amount of inbound calls we have received already, I do not believe there will be a shortage of opportunities".
(Editing by Dan Lalor)