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.