JP Morgan is set to back a second multi-billion dollar acquisition by JC Flowers, the specialist buyout fund, in two months after the US bank emerged as one of the backers of its bid to buy troubled UK mortgage lender Northern Rock.

JP Morgan is one of a group of banks providing £15bn (€22bn) of financing to back JC Flowers' bid for for Northern Rock, and comes after the US bank put billions behind the firm's $25.6bn (€18.2bn) offer for Sallie Mae, the US student loan company, in August.