BEIJING, Jan. 26 -- The Edmond De Rothschild Banque, a subsidiary of Europe's Edmond De Rothschild family bank group in France, set up a representative office in Shanghai recently. This is the first foreign family bank that has obtained approval of the China Banking Regulatory Commission and entered China's financial market.

    The group is mostly dedicated to private banking and asset management, and its operating assets total as high as US$80 billion. It has two headquarters in Paris and Geneva and a large number of operating offices in Europe, Asia and South America.

    The bank's CEO Michele Cicurel said that the bank is very confident of China's booming financial market.

    Like many renowned financial institutions which have entered the Chinese financial market, the bank sets private banking service as one of its major tasks in China and set an appalling "threshold" of US$1 million of personal property for its target clients.

(Source: Chinanews.cn)