KBC CLOSES SALE OF FIDEA TO JC FLOWERS

Private equity group JC Flowers, the investment vehicle of Christopher Flowers, has completed the acquisition of Belgian insurer Fidea from locally based bancassurer KBC. JC Flowers paid €243.6m ($324.9m) for the operation. At the time of the sale KBC chief executive Jan Vanhevel said that the divestment was "one of the difficult choices we have had to make to meet the demands of the European Commission" (IIN 24, October 17 2011). On Friday he added that "it is with regret that we say goodbye to our Fidea management and staff". Mr Flowers said that Fidea would be a "strong addition" and that JC Flowers was "eager to begin working with the management team toward a prosperous future as an independent company".