US private equity group JC Flowers is keen to expand its presence in German state-backed banks by buying the 38 per cent stake in the ailing Landesbank WestLB held by the German state of North Rhine-Westphalia (NRW), reports Reuters, citing sources close to the situation. NRW’s government has already spoken with JC Flowers, run by former Goldman Sachs banker Christopher Flowers, and other financial investors, says Reuters. The Times, meanwhile, reports that Flowers is vying with two German rivals – the Landesbanks LBBW and BayernLB for the WestLB stake and cites German commentators saying LBBW is in “pole position”.
