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Scheherazade Daneshkhu, Financial Times.
With the exposure of Iran's secret nuclear program in , relations between the two countries deteriorated greatly....
Bank of China, the world’s fifth largest bank, is to take a 20 per cent stake in La Compagnie Financière Edmond de Rothschild, the family-held asset management and private banking business.
The move signals that, in spite of the financial crisis, Chinese institutions are willing to invest in western banks.
The Shanghai and Hong Kong-listed commercial bank will pay €236.3m ($341m) for the stake in the French arm of the La Compagnie Financière, which was created in 1953 by Edmond de Rothschild and has been chaired by his son Benjamin de Rothschild since 1997.
It is the first strategic investment by a leading Chinese bank in the eurozone.
The deal will allow Rothschild to tap into a fast-growing class of wealthy Chinese, while providing Bank of China with financial services products to sell to increasingly sophisticated Chinese investors.
Michel Cicurel, chief executive of LCF Edmond de Rothschild, described China as the “El Dorado” of emerging markets, wi
