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Korea M&A Corporation
BoC to buy stake in LCF Rothschild 본문
Bank of China on Thursday agreed to acquire a 20 per cent stake in a French financial services company controlled by a leading member of the Rothschild family, a sign that Chinese financial institutions are willing to invest in western assets despite the current state of the market.
Confirming an earlier report by FT.com, the bank said in a statement that it would pay Rmb2.2bn (€236m, $330m) for the stake in La Compagnie Financiere Edmond de Rothschild, a private bank and asset management company controlled by Benjamin de Rothschild.
The two sides have struck a strategic alliance and will help to distribute banking and asset management products in to each other’s markets. BoC will gain European expertise while the French group will gain a powerful local partner in China and potential access to one of the world’s biggest and fastest growing wealth management markets.
BoC is acquiring existing shares and newly-issued stock that will result in Mr de Rothschild’s holding in LCFR being diluted to around 75 per cent.
One person familiar with the deal said: “This shows that the Chinese are prepared to do deals abroad that make strategic sense, despite the state of the markets.”
A number of Chinese financial institutions have in recent weeks been strongly linked with possible acquisitions in the US and Europe, not least China Investment Corporation, which had considered investing in Lehman Brothers and is now holding talks with Morgan Stanley.
China Development Bank had also considered bidding for Germany’s Dresdner Bank.
However, Beijing has decided to increase the scrutiny of outbound investments by Chinese financial institutions after several high-profile deals over the past year left the acquirers’ nursing heavy losses.
BoC is the country’s second largest lender and the deal with LCFR represents its most significant tie-up to date with an overseas asset management and private banking firm. Given the nature and size of the investment, BoC’s move is not expected to be challenged in Beijing.