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Flowers cold on bank investment
A deal between US private equity investor Christopher Flowers and one of Spain’s troubled saving’s banks is close to the rocks.
Flowers is believed to have gone cold on a deal in principle to snap up €420m (£357m) of convertible bonds in Banca Cívica. The bank failed a crunch stress test after the agreement had been struck and Flowers insists he is not obliged to continue with the investment, according to the Financial Times.
The threat of a Spanish debt crisis has also made Flowers reluctant to forge ahead with the investment.