JC Flowers to get 40% of Kent Reliance Building Society
US private equity group JC Flowers is reportedly investing £50m in UK's Kent Reliance Building Society (KRBS), for a 40% stake of the society. The deal is subject to regulatory and KRBS member approval.
The transaction is understood to have been structured as a joint venture between KRBS lenders, JC Flowers and the society - with members holding a 60% controlling interest.
The move comes after JC Flowers last week emerged as one of the bidders for Irish troubled Irish lender, EBS Building Society - which is understood to be seeking €875m to fulfill new regulatory capital targets.
JC Flowers is reportedly planning to use Kent Reliance as a platform to purchase other smaller building societies, as lenders are forced to function under a tighter liquidity conditions, following new regulations to hold higher capital buffers.
The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.
If you have any information regarding this transaction, please contact Gail Mwamba on 020 7968 4505 or gail.mwamba@incisivemedia.com
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