Flowers still keen on Spain

US private equity firm JC Flowers said it still wanted to invest in Banca Civica once the Spanish savings bank completes its merger with domestic CajaSol.

Interest from Flowers in the deal was seen to have cooled when its founder said he was not interested in investing in the bank until Spain had restored faith in its finances.

But Chris Flowers, founder and executive chairman, said yesterday: “We continue to be impressed with Banca Civica’s unique business model. Currently, Banca Civica is in negotiations to merge with CajaSol. When these negotiations are complete, we hope to resume our own discussions with Banca Civica. We remain optimistic about Spain’s fundamentals and believe it offers attractive opportunities for investment.”