Geneva-based private banking group Edmond de Rothschild has announced that it received approval from UK's Financial Services Authority (FSA) to launch a private merchant bank in the country. 

Sources reveal that Edmond de Rothschild's move reflects its aim to build strong presence in the UK as it centers its attention to British companies, rich people and family offices.

Way back in September 2012, the group has started a private wealth advisory service in London, England that has since evolved into a merchant banking business.

The said business unit will be spearheaded by Richard Briance who was hired by the company as chief for boosting its operation in the country.