Rothschild sets up mainland headquarters in Tianjin

TIANJIN - The Asian subsidiary of private investment bank Rothschild will set up its Chinese mainland headquarters in the northern port city of Tianjin.

Rothschild (Hong Kong) Ltd signed the agreement with Tianjin's Yujiabao Financial Zone on Monday night in a move to tap the huge potential of the Chinese market, the government and sources with the company said Tuesday.

With the headquarters set in Tianjin, the company's businesses in China will not only include the energy industry, but also the manufacturing and consumer goods industries, said Yu Liping, chairman of Rothschild (Hong Kong) Ltd.

Chen Zongsheng, deputy secretary general of the Tianjin municipal government, said Rothschild's mainland headquarters will boost the region's innovation capabilities in financial services.

The Yujiabao Financial Zone, set up in 2009, aims to become the world's biggest financial district. By 2012, the number of registered enterprises in the zone has exceeded 470.

The London-headquartered Rothschild Group is a global financial group, and its subsidiary Rothschild Ltd is the world's biggest private investment bank. Its businesses include financial consulting and private banking, among others.