IntesaBci, the largest bank in Italy, has committed $300m (€306m) of financing to Lazard in return for a stake in its Italian operations and a bond convertible into shares in Lazard LLC, the parent firm.

IntesaBci will take a 40% holding in Lazard Italy, as well as a 3% stake in Lazard LLC if it converts the bonds. It will also be able to appoint three board members at Lazard Italy.