NIBC step closer to flotation plans

GLOBAL - Dutch merchant bank NIBC's owner JC Flowers has awarded two more bookrunning mandates in the planned €650m flotation of the bank, to be undertaken this quarter.

The flotation will now be co-led by ABN Amro and Goldman Sachs, who have been awarded the mandates in addition to those already won by Credit Suisse and JP Morgan.

The move comes only 18 months after ABP and PGGM, the two largest Dutch pension funds, sold the bank to US investor JC Flowers, owned by former Goldman Sachs banker Christian Flowers, which now hopes to sell a quarter of its stake through the flotation.

According to media reports, NIBC (former NIB Capital) is now valued at €2.5bn, after ABP and PGGM sold the bank for €2.1bn in late 2005.

NIBC plans to hire a "significant number of people" to expand its real estate and investment management operations in Germany, Michael Enthoven, NIBC chairman, said in a statement.

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2563

    Asset class: Mid & Small Cap Equities.
    Asset region: Global.
    Size: USD $130m.
    Closing date: 2019-09-27.

  • QN-2564

    Asset class: Large Cap Growth Equities.
    Asset region: Global Developed Markets.
    Size: USD $130m.
    Closing date: 2019-10-04.

  • DS-2567

    Closing date: 2019-10-02.

  • QN-2569

    Asset class: Local Currency Bonds.
    Asset region: Global Emerging Markets.
    Size: $500m.
    Closing date: 2019-10-10.

Begin Your Search Here