The billionaire has neither decided to gamble on the Wall Street, nor on the largest banks in the world. Instead, George Soros is going to focus on investment in the Spanish market. At the moment, he is working on acquisition of 0.5% at Liberbank, a stake worth €5 million.
In only six past months, the magnate spent €332 million on shares in listed companies in Spain. He started in December 2013 with the purchase of 3% at FCC for €55 million. In April, Soros bought around 17% at Hispania for €92 million. Shortly after, he took a 0.02% share at Iberdrola for €6 million. And in May, the investor acquired 1% at Bankia for €174 million from FROB.
Next, he will probably target the financial sector again as he already takes part in the bidding for the loan portfolio of Catalunya Banc, offering between 3 and 3.5 billion Euros for it.
But, why Spain? In February, Soros assured that his investment team expects to “make a lot of money in Europe, for example by pumping equity in the banks needing the equity urgently”.
Original article: Expansión (by Estela S. Mazo)
Translation: AURA REE