JC Flowers to list NIBC stake

Francesca Veronesi
26 February 2018

Tweet
Facebook
LinkedIn
Google plus
Send to

JC Flowers has announced it will list 35% of the outstanding and issued shares in Dutch bank NIBC on Euronext Amsterdam in the coming weeks.

The GP acquired a stake in NIBC in 2005. JC Flowers is a New York-based buyout fund that specialises in the financial services industry, targeting banks, insurance companies, asset managers and other financial institutions.

NIBC is a mid-sized Dutch bank providing debt mostly to mid-market companies in the Benelux region and Germany, but it also has a retail product offering. NIBC's net profit went from €104m in 2016 to €213m in 2017, backed by the further expansion of its client franchise and including a €53m positive effect from the sale of the German commercial real estate legacy portfolio of Vijlma. The bank has around 700 corporate clients, 800 investor clients, 250 leasing clients and approximately 400,000 retail clients.

Overall return on equity for NIBC in 2017 was 11.9%, up from 6.0% in 2016. The company has a CET1 ratio above 14% and targets a return on equity of 10-12% with a sustainable return on equity above 10%.

NIBC has appointed Citigroup, Deutsche Bank and Morgan Stanley to act as joint global coordinators alongside ABN Amro Bank and ING Bank, which are joint bookrunners for the offering.