UK and French banks to combine

The London investment bank NM Rothschild will become a subsidiary of a Paris-listed holding company, combining all the wealthy family's banking interests. A new company, Paris Orleans et Cie, will buy out the minority interests in NM Rothschild and combine it with the French private banking arm, Rothschild & Cie Banque. The deal will also "significantly enhance" its position ahead of new bank capital regulations.