J.C. Flowers eyes 316 RBS branches

  • U.S. private equity firm J.C. Flowers is interested in looking at the 316 UK Royal Bank of Scotland branches back up for sale after Spain's Santander backed out of a deal, according to a source familiar with the situation.

    J.C. Flowers, headed by U.S. entrepreneur Christopher Flowers, would "certainly" take a look but is seeking reassurance on the quality of assets and IT issues if it were to proceed with a bid, the source said.

    Flowers is reportedly keen to expand in the UK financial services sector.

    Santander agreed to buy the branches, which come with 1.8 million customers, in August 2010, but pulled out on Friday due to delays over IT problems in separating the business.