PARIS, June 2 (Reuters) - Private equity firm JC Flowers has agreed to buy the French arm of Italian bank Monte dei Paschi di Siena (MPS) BPMS.MI for an undisclosed sum, JC Flowers said on Tuesday.

It said it would rename the unit and shift its focus to partnerships with independent financial advisors, targeting clients with niche product offerings such as mortgages, Lombard loans and other asset-backed credit and deposits.

"J.C. Flowers is proud to be one of the few firms that has the operational and sector-specific skills, backed by a proven track record, to undertake a broad transformational bank turnaround that will reposition the Bank in the French market," said Ilinca Rosetti, operating partner at J.C. Flowers.