Home / Business and Economy / J.C. Flowers Buys French Bank Unit
J.C. Flowers Buys French Bank Unit
3 Jun
Summary
- J.C. Flowers acquired the French banking arm of Monte Paschi.
- The lender plans to expand services like mortgages and loans.
- Michele Antognoli is appointed as the new CEO.
J.C. Flowers has successfully acquired the French banking arm of Monte Paschi, formerly known as Monte dei Paschi di Siena's French unit. The transaction was completed for an undisclosed sum.
The newly acquired entity, which will adopt a new name, operates from key locations including Paris, Marseille, Nice, and Lyon. The lender intends to collaborate with independent financial advisers to offer a range of products such as mortgages, Lombard loans, and other asset-backed lending solutions, alongside deposit accounts.
Future strategies involve building upon the existing client base, particularly targeting property owners and entrepreneurs. The bank also aims to broaden its specialized product offerings, introducing tailored working capital services specifically for the French market.
Michele Antognoli has been appointed as the chief executive of the new organization. His prior experience includes leading BFF Spain and roles in retail banking and entrepreneurship. Garo Filibosoglu will serve as deputy chief executive and chief commercial officer, overseeing business development. Howard Davies has been named chairman of the board, bringing extensive experience from leadership roles at NatWest Group and the UK Financial Services Authority.
