Two Rothschild private banks have been duking it out over the eponymous name for years. Now, they two have agreed on how to divvy up the illustrious family name.
The Rothschild family's motto is «Concordia, Industria and Integritas» – harmony, industriousness, and integrity in Latin. Two banks stemming from the British-French dynasty – Rothschild Bank AG in Zurich and Geneva's Edmond de Rothschild – have agreed to set aside a dispute before a Paris tribunal on who gets to use the name in what way, the two firms said in a statement on Friday.
The solution? The Zurich-based private bank will use the Rothschild & Co moniker, while the Geneva wealth manager will brand itself Edmond de Rothschild. Rothschild in Zurich is controlled by descendants of the founding family. So is Edmond de Rothschild: CEO Ariane Rothschild, and her husband, Benjamin de Rothschild, control the majority, but the bank has listed its shares publicly in Switzerland.
No Standalone
Rotschild & Co, which is run by Laurent Gagnebin, will use a variation of the Rothschild name in other countries: the bank will brand its wealth management and asset management arms as Rothschild Martin Maurel in France, Belgium, and Monaco.
Neither firm has the right to use the «Rothschild» name, which also refers to an investment bank also controlled by descendants of the founding family, on its own. The agreement puts an end to a years-long dispute in front of a Paris tribunal over the brand, which harkens back to the 18th century.
The banks said they would also give up cross-shareholdings, which will boost the listed bank's capital. Rothschild & Co owns just over 8 percent of Edmond de Rothschild. The opposite holding is now known since Rothschild & Co is not listed.
