Hong Kong firm to get slice of Rothschild

LONDON, June 22 (UPI) -- Britain's Royal and Sun Alliance Insurance Group PLC Wednesday said it was selling a 21.5-percent stake in one of the venerable Rothschild banks.

Jardine Strategic Holdings Ltd., part of Hong Kong-based property development and construction company Jardine Matheson Group, will pay $186 million for the stake in NM Rothschild & Sons, MarketWatch reported.

A spokesman for the Rothschild family indicated approval of the transaction.

"Royal and Sun Alliance has been closely aligned with the Rothschild Group since my ancestors sponsored one of its predecessor businesses in the 19th century. I appreciate that today its policy is to focus on general insurance and that it wishes to dispose of non-core investments," said David de Rothschild, chairman of the bank.

The family's international banking business is run by NM Rothschild and France's Rothschild and Cie.