Bank of China (BOC) agreed with the Rothschild banking family to buy a 20%, US$340 million stake in La Compagnie Financiere (LCF) Edmond de Rothschild, the South China Morning Post reported. Benjamin de Rothschild will hold 75% of the bank after the deal, which is pending regulatory approval. LCF Edmond de Rothschild is looking to expand overseas, and the two lenders said they would concentrate on private banking and asset management in China, France and other strategic regions. BOC also said that the bankruptcy of Lehman Brothers would not affect its financial health significantly.
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