Kent Reliance To Enter JV With J.C. Flower & Co.

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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. CFW believes that this is part of the post crisis restructuring taking part in the UK financial sector.