Rothschild & Co has agreed to purchase all shares in Marcard, Stein & Co, a German private bank.
The deal signals a further step in the group’s Germany wealth management activities, a market it considers important to its wider business.
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By taking over the Hamburg-based bank, Rothschild & Co would secure a German banking licence.
The move would mark an important step in reshaping its business in Germany into a full banking platform and support the planned broadening of services for clients, it said.
Rothschild & Co managing partner François Pérol commented: “Germany is an important market for Rothschild & Co, and the acquisition of Marcard, Stein & Co, one of the leading multi-family office banks in Germany, underscores our ambition to continue growing our wealth management business in the country.
“The strong cultural alignment between our two institutions, and the addition of a banking licence, will enable us to further develop our wealth management service offering and to support our clients in Germany in a more comprehensive and holistic way. We are looking forward to working closely with Marcard, Stein & Co’s teams in delivering this.”
The transaction awaits regulatory approval.
Marcard, Stein & Co CEO Thomas Fischer said: “This transaction represents a unique opportunity for our clients. By joining Rothschild & Co, they will benefit from access to a truly international network and an expanded range of capabilities, while continuing to receive the objective and independent advice that defines our approach.
“Our two institutions share a strong cultural alignment, rooted in long-term thinking and a commitment to advising entrepreneurial individuals and families, making this partnership a natural fit.”
