In short all the activities of primary actions

The event was celebrated in the Rothschild and ABN AMRO offices in London, Paris, Amsterdam, Hong Kong and Sydney. The prestigious Bank of business and the first Dutch Bank come from blow ten candles from the joint venture that they created in the issuance of shares. It is indeed the July 1, 1996, ABN AMRO Rothschild, joint venture on the market, has emerged. A first at the time in the banking world.

The two banks then undertake to carry out, side by side, all the introduction on the stock exchange operations, capital increase, privatization, placement of blocks of shares or issue convertible they carry out for their clients. In short, all the activities of "primary actions." The agreement is only commercial without capital component.

Since then, ABN AMRO Rothschild has led or co-led not less than 450 operations in Europe. And the joint venture, which was of an outsider, was ranked in 2005 to rank fifth on the French market of shares and the seventh in Europe, noted with satisfaction the officials of the two banks. At its inception, however, the agreement is allowed with skepticism. "When we launched in this adventure, the professionals felt that we survivrions not," remembers Sophie Javary, representative of Rothschild at the head of the French entity.

Exclusive partnership

On paper, the alliance had yet sense. Specializing in mergers and acquisitions consultancy, Rothschild wanted to develop the market of "primary actions." But he did not have a network of research and distribution to do this, i.e. analysts and brokers. For its part, ABN AMRO had a network, but sought to better position themselves to the transmitters, to obtain warrants. But Rothschild precisely has contacts with many large companies and Governments through its Council activity.

In addition, the two groups is are imposed strict rules of operation. "What has enabled our joint venture last, is that it is exclusive and global", said Sophie Javary. The two banks are indeed prohibited to placements of shares outside the joint venture. Moreover, since its launch, it starts simultaneously in London, Paris, Amsterdam and Hong Kong. Since then, its membership was multiplied by two, 123 people. And the ABN AMRO platform, on which it relies, has about 600 brokers, traders, and financial analysts in Europe and Asia.

Today, his painting of hunting is the most filled. They include the privatization of Aerospatiale and Crédit Lyonnais in 1998, is also the capital increase in 2003 of France Telecom, then in full collapse. More recently, ABN AMRO Rothschild co-led the introduction in EDF's stock exchange and is now working on that of the Russian tanker Rosneft.

Cape on the Russia

The short term, the future is assured. Two years ago, both partners have renewed their agreement until 2007, however changing its financial arrangements, so that Rothschild is more involved in the financing of the costly platform for ABN AMRO. What will happen then "Of this tenth anniversary, we have reaffirmed our desire to continue as long as possible", emphasize Sophie Javary and Sébastien Rozès, responsible for ABN AMRO at the head of the French entity. For Rothschild, the activity of "primary actions", highly profitable, is considered to be complementary to the Council in mergers and acquisitions, to propose turnkey projects to its customers, the acquisition to its funding. Same side ABN AMRO: "our two homes have any interest in joining a market became very competitive," said Sébastien Rozes.

In fact, the objective is now to develop the joint venture in emerging countries by opening offices in Russia, Dubai, China, in India, and the Brazil. ABN AMRO-Rothschild is also designed to turn toward markets considered for the future, such as the rating of investment fund, the financing of infrastructure and the introduction on the stock exchange of land values. But it is not contemplated, to date, to extend it to other occupations or to make move towards another type of partnership, for example capitalist type.