J.C. Flowers & Co., a private investment firm focused on the global financial services sector, announced the acquisition of Monte Paschi Banque SA, a French lending specialist that was previously the French subsidiary of Monte dei Paschi di Siena. Financial terms of the transaction were not disclosed.
Following the acquisition, the bank will undergo a name change and pursue growth through partnerships with independent financial advisors. The strategy will focus on serving clients with specialized financial products, including mortgages, Lombard loans, asset-backed credit solutions, and deposit products. The bank also plans to expand its offerings for entrepreneurs and real estate owners by providing tailored working capital solutions in the French market.
The institution operates through offices in Paris, Marseille, Nice, Lyon, and other locations in southern France. J.C. Flowers intends to leverage the bank’s existing customer base while broadening its product suite and distribution network.
The new organization will be led by Michele Antognoli as Chief Executive Officer. Antognoli brings extensive retail banking experience and most recently served as CEO of BFF Spain, a subsidiary of BFF Banking Group. Garo Filibosoglu has been appointed Deputy CEO and Chief Commercial Officer, where he will oversee business development initiatives. Filibosoglu previously served on the management board of Crédit Foncier et Communal d’Alsace et Lorraine (CFCAL).
The bank has also appointed Howard Davies as Chairman of the Board of Directors. Davies previously served as Chairman of NatWest Group and the UK Financial Services Authority and currently serves as Chairman of Inigo Ltd and Qivalis NV.
J.C. Flowers noted that the acquisition builds on its history of transforming carved-out financial institutions, including investments in First Bank in Romania, HCOB in Germany, and Fidea in Belgium. As part of the governance structure, Operating Partner Ilinca Rosetti and Managing Director and Vice Chairman Thierry Porté will serve on the bank’s board of directors.
Founded in 1998, J.C. Flowers has invested more than $18 billion, including co-investment capital, across 73 portfolio companies in 19 countries. The firm manages approximately $5 billion in assets and maintains offices in New York, London, and Miami.
KEY QUOTES:
“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.”
Ilinca Rosetti, Operating Partner, J.C. Flowers & Co.
