Bank of China Ltd. said Thursday it has yet to receive approval from Beijing to buy a stake in French private bank La Compagnie Financiere Edmond de Rothschild, with less than three weeks to go before the deal lapses.

Bank of China, the smallest of China's big four state banks by assets, said Sept. 18 it would pay EUR236 million for a 20% stake in Edmond de Rothschild. The two parties set Dec. 31 as the deadline for the purchase.