The Rothschild family plans to buy out the share of Rothschild & Co, the entity that includes its investment banking operations, saying that the unit would work better as a private company.

In a deal that values the bank at around $4bn, the Rothschild family holding company, Concordia, said that it intends to purchase the remaining shares in the unit, which houses investment banking, wealth management and merchant banking. It currently owns 38.9% of the firm’s shares and 47.5% of the voting rights.