Kent Reliance To Enter Joint Venture With J.C. Flower & Co.

Kent Reliance Building Society announced on the July 12th 2010 that it is talks with the US private equity firm, J.C. Flowers & Co., to create a joint venture. If the deal goes ahead, Flowers would pay GBP50mn into Kent Reliance and gain a 49% stake in the new venture. The investment will help Kent Reliance to bolster its balance sheet and allow it to remain a mutual organisation. BMI believes that this is part of the post crisis restructuring taking part in the UK financial sector.

To read the full article, please choose one of the following options: