Bank Stern is a financial advisory firm that engages in

investment banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with ...

family office A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50-$100 million in investable assets, with the goal being to effectively grow and transfer w ...

, and other financial services primarily with institutional clients. Its principal executive offices are in Paris.

History

Antoine Jacob Stern and his brother Léopold Stern (1810-1846) create in June 1842 the investment bank ''A. J. Stern & Cie'', at 33

rue Laffitte Rue Laffitte is a street in the 9th arrondissement of Paris, located near the Metro stations Richelieu - Drouot and Notre-Dame-de-Lorette. This street was created in 1771 between the Boulevard des Italiens and the Rue de Provence. Its original ...

Paris Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. ...

to form one of the ten main investment banks in Europe with their cousins who formed in 1844 the ''Stern Brothers'' in

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

. In the 20th century the Stern family was a shareholder of the

Banque de France The Bank of France (French: ''Banque de France''), headquartered in Paris, is the central bank of France. Founded in 1800, it began as a private institution for managing state debts and issuing notes. It is responsible for the accounts of the Fr ...

and was one of the main banking families in Paris with

Lazard Lazard Ltd (formerly known as Lazard Frères & Co.) is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's lar ...

and

Rothschild & Co Rothschild & Co is a multinational investment bank and financial services company, and the flagship of the Rothschild banking group controlled by the French and British branches of the Rothschild family. The banking business of the firm covers th ...

in France. In 1977-1978, the bank Rothschild took over 48% of the shares of Bank Stern. During the 1980s, Edouard Stern took control of the family bank and revamped the bank, expanding its activity in financial markets, as well as in mergers and acquisitions. In 1985, Stern sold the bank for 300 million francs ($60 million in 2005 dollars) to Lebanese investors and become Bank Pallas-Stern. Thanks to a clause attached to the contract, Stern got to keep the copyright over his last name Stern. Immediately after the sale went through, Stern started a new bank, with a similar name and business profile, drawing in many of his former clients. He sold this second institution for an estimated 1.75 billion francs in 1988 to the

Swiss Bank Corporation Swiss Bank Corporation was a Swiss Investment banking, investment bank and financial services company located in Switzerland. Prior to its merger, the bank was the third largest in Switzerland with over Swiss franc, CHF300 billion of assets ...

(SBS, which will later merge with UBS to form UBS S.A.). As a result of these transactions, Stern shot up the ranks of the richest families in France, occupying the 38th spot, according to

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...

References

External links

Official Website
{{DEFAULTSORT:Stern, Bank Banks based in Paris French companies established in 1842 Banks established in 1842 Stern family (banking)