Former Goldman Sachs manager’s fund, in race for Romanian Banca Carpatica

The investment fund J.C. Flowers & Co, created by a former partner and executive with Goldman Sachs, is in the race to become shareholder of Romanian lender Banca Carpatica, according to Mediafax. The bank’s management is currently in favor of merger with another bank, according to market sources. JC Flowers stands against AnaCap and Axxess Capital, also interested in becoming shareholders in the bank. James Christopher Flowers, the billionaire founder of J.C. Flowers & Co, has worked for 20 years with Goldman Sachs, and for ten years, until 1998, was among the partners. He specializes in investments in the financial industry. Flowers joined Goldman, Sachs & Co. in 1979 in the Mergers and Acquisitions Group and became a General Partner in 1988. In 1986 he was among the founders of Goldman’s Financial Institutions Group. Mr. Flowers was named co-head of the group in 1994 and sole head in 1996. He currently serves on the boards of directors of NIBC Holding N.V., Shinsei Bank, Limited, The Kessler Group and Flowers National Bank, according to his profile on the J.C. Flowers & Co. website. J.C. Flowers is currently looking for investments for its third investment fund, which raised some USD 2 billion. Banca Carpatica is majority owned by Ilie Carabulea, who serves time for corruption. Romanian lender Banca Carpatica reports loss in the first half of 2014 Four investors interested in taking over Romanian Banca Carpatica Romanian shareholder Carabulea wants changes in Banca Carpatica’s management structure, while managers want merger with another bank editor@romania-insider.com