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Bank of China buys into Rothschild bank
BANK of China said yesterday it will buy a 20 percent stake in La Compagnie Financiere Edmond de Rothschild for 236.3 million euros (US$340 million) and the two will develop private banking and asset-management services. “This partnership forms part of Bank of China’s global development strategy,” Bank of China chairman Xiao Gang said in a statement. “We expect to further strengthen our asset management operations and product design capabilities in private banking business, and widen the product and service offerings to our clients.” Beijing-based Bank of China said it sees a promising future for private banking and other services for China’s newly affluent amid rapid economic growth. “With the rapidly growing global demand for wealth management services, private banking and asset management are becoming increasingly important parts of the Chinese financial services industry,” the statement said. Bank of China said it hoped the deal would strengthen its presence in Europe. China’s top banks are among the world’s largest in financial terms but inexperienced at consumer services. They have formed ties with foreign partners to introduce credit cards and other products. |
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