JC Flowers acquires French unit from troubled Italian bank Monte Paschi.

Private equity firm JC Flowers announced completion of its acquisition of the French subsidiary from troubled Italian bank Monte dei Paschi di Siena on Tuesday. The company plans to revamp the unit's operations by prioritizing wealth management services.

Private equity firm JC Flowers announced its acquisition of the French division from troubled Italian bank Monte dei Paschi di Siena, with plans to revamp operations and concentrate on high-end financial services.

The terms of the acquisition remain undisclosed publicly.

In June 2024, Monte dei Paschi's board of directors had already given its approval for an exclusive agreement to divest its French assets to JC Flowers' private equity fund.

The French unit has been idle since then, with approximately €1 billion ($1.17 billion) in assets remaining untouched until the sale is finalized, according to Monte dei Paschi's 2025 annual report figures.

Agreements were reached in June 2025, with initial projections indicating completion by the end of the previous year following regulatory clearance. However this timeline was subsequently revised for a mid-2026 conclusion.

In 2017, Monte dei Paschi received a government bailout in Italy, but by 2023-2024, it was privatized once more. As part of a restructuring plan with EU authorities, the bank agreed to shed its international operations as a condition for clearing state aid.

JC Flowers plans a name change for the acquired unit, refocusing efforts on collaborations with independent financial advisors who cater to clients seeking specialized products like mortgages, Lombard loans and asset-backed credit.

J.C. Flowers boasts an impressive array of skills that enable it to spearhead a comprehensive overhaul of a troubled institution, transforming it into a competitive force within the French banking sector, according to Ilinca Rosetti, operating partner.