A former Goldman Sachs banker emerged today as a bidder in the battle for NIB Capital, the Netherlands-based bank owned by two of the world's largest pension funds. Goldman Sachs is advising NIB.

The Wall Street Journal reports that J C Flowers & Co, a fund run by former Goldman Sachs banker Christopher Flowers, and Cerberus Capital Management, a New York-based hedge fund which has been increasing its private equity activity, have each submitted bids worth €2bn ($2.38bn) for NIB.