NETHERLANDS - The partial flotation of NIBC, the merchant bank owned by JC Flowers and a consortium of investors, has been postponed just two weeks after a proposed increase in stock to be sold.

NIBC chairman, Michael Enthoven told reporters at the beginning of March that up to 49% could be made available, up from 25% announced last year.

On Wednesday, however, European stocks experienced their second-biggest losses of the year after an unsettled period.

The bank then announced this morning that it had decided not to approach the capital markets for an IPO in the current volatile environment.

Spokeswoman, Judith Jansen, emphasised that the withdrawal was temporary and did not signify a cancellation. She said it was not possible, however, to give a date for a new approach.

JC Flowers, run by former Goldman Sachs trader, Chris Flowers, acquired NIBC from local pension funds ABP and PGGM in 2005 for €2.1bn. JC Flowers was backed by a consortium including ABN Amro, Banco Santander, Credit Suisse and Delta Lloyd.

ABN Amro and Credit Suisse are among the four bookrunners for the partial flotation, alongside Goldman Sachs and JP Morgan.

Jansen indicated that all four remain in place on the deal, which will now proceed "at a lower pace".

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