J.C. Flowers has acquired French banking arm of Monte Paschi Banque, for an undisclosed sum.
The bank had operated as the French unit of Monte dei Paschi di Siena and is due to adopt a new name.
From its locations in Paris, Marseille, Nice, Lyon and southern France, the lender plans to work with independent financial advisers to reach clients through products including mortgages, Lombard loans, other forms of asset-backed lending and deposit accounts.
It also plans to build on its current client base, with a focus on property owners and entrepreneurs, while widening its range of tailored products with specialised working capital services for the French market.
Michele Antognoli has been appointed chief executive of the new organisation.
He previously led BFF Spain, part of BFF Banking Group, and has experience in retail banking as well as entrepreneurial roles.
Garo Filibosoglu will take the roles of deputy chief executive and chief commercial officer, with responsibility for business development.
He previously sat on the management board of Crédit Foncier et Communal d’Alsace et Lorraine (CFCAL).
Howard Davies has been named chairman of the board.
He previously chaired NatWest Group and the UK Financial Services Authority and also serves as chairman of Inigo Ltd and Qivalis NV.
J.C. Flowers operating partner Ilinca Rosetti said: “J.C. Flowers is proud to be one of the few firms that has the operational and sector-specific skills, backed by a proven track record, to undertake a broad transformational bank turnaround that will reposition the Bank in the French market.
“We look forward to working with all the Bank’s personnel to develop new clientele and to broaden its product offerings to address the needs of today’s customers.”
J.C. Flowers has previously worked on financial institution carve-outs including First Bank in Romania, HCOB in Germany and Fidea in Belgium.
Rosetti will join the board as a director alongside Thierry Porté, managing director and vice chairman at J.C. Flowers.
“J.C. Flowers buys French banking arm of Monte Paschi” was originally created and published by Retail Banker International, a GlobalData owned brand.
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