Rothschild to buy German private bank Marcard, Stein & Co

Rothschild & Co has agreed to acquisition each shares successful Marcard, Stein & Co, a German backstage bank.

The woody signals a further measurement successful the group's Germany wealthiness absorption activities, a marketplace it considers important to its wider business.

By taking implicit the Hamburg-based bank, Rothschild & Co would unafraid a German banking licence.

The determination would people an important measurement successful reshaping its concern successful Germany into a afloat banking level and enactment the planned broadening of services for clients, it said.

Rothschild & Co managing spouse François Pérol commented: "Germany is an important marketplace for Rothschild & Co, and the acquisition of Marcard, Stein & Co, 1 of the starring multi-family bureau banks successful Germany, underscores our ambition to proceed increasing our wealthiness absorption concern successful the country.

"The beardown taste alignment betwixt our 2 institutions, and the summation of a banking licence, volition alteration america to further make our wealthiness absorption work offering and to enactment our clients successful Germany successful a much broad and holistic way. We are looking guardant to moving intimately with Marcard, Stein & Co's teams successful delivering this."

The transaction awaits regulatory approval.

Marcard, Stein & Co CEO Thomas Fischer said: "This transaction represents a unsocial accidental for our clients. By joining Rothschild & Co, they volition payment from entree to a genuinely planetary web and an expanded scope of capabilities, portion continuing to person the nonsubjective and autarkic proposal that defines our approach.

"Our 2 institutions stock a beardown taste alignment, rooted successful semipermanent reasoning and a committedness to advising entrepreneurial individuals and families, making this concern a earthy fit."

"Rothschild to bargain German backstage slope Marcard, Stein & Co " was primitively created and published by Private Banker International, a GlobalData owned brand.