Banks soar as Flowers scents an opportunity

IRISH bank shares soared yesterday following news that one of the world’s most renowned investors is showing interest in their assets.

J Christopher Flowers, founder of New York private-equity firm JC Flowers, signalled he is continuing to look for Irish banking assets and, on Friday, he said to Bloomberg: “If we can find the right opportunity to invest in Ireland, we would like to do that.”

Yesterday, Bank of Ireland closed up 13% at 36 cent, while AIB was up 10% at 38 cent. On a day the ISEQ closed up 0.6%, Irish Life and Permanent also rose by 3% to close at €1.02.