The family way

8 July 2003

As leadership of the bank passes from one cousin to another, so the corporate structure is being rejigged to streamline family control. This should make little difference to a bank that is already operationally unified. But it reinforces its longtermist credentials.

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The Rothschild family is to simplify its interests in investment banking. Following a reorganisation of the corporate structure through which they control the Rothschild investment banking business, the French and British branches of the family will brigade all their bank assets under a single holding company, to be called Rothschild Concordia BV. The British family will hold 50%, and the remaining 50% will belong to the quoted French company Paris Orleans, in which the French branch of the family holds a 37% stake. The French Rothschilds are in parallel with the reorganisation offering to buy out other shareholders in Paris Orleans at E130 per share. The shares closed at E124 on 7 July, and the Paris Orleans board headed by Eric de Rothschild has recommended against the offer.

David de Rothschild will become executive chairman of the unified Rothschild bank from the end of July and will chair the new holding company. He is currently head of investment banking at Rothschild. Evelyn de Rothschild will remain nonexecutive chairman of NM Rothschild.

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