US billionaire targets more European bank deals

Billionaire US investor Wilbur Ross is targeting more deals in Europe’s financial services industry after buying into a listed company that failed to make its own inroads into the sector.

Mr Ross, founder of private equity firm WL Ross & Co, owns a 9% stake in Bank of Ireland and half of Britain’s Virgin Money. He said yesterday he saw no shortage of opportunities for more deals in Europe.

He is paying about £8m (€9.9m) to buy up to 37.8% of NBNK to use as an acquisition vehicle.