Lazard has emerged as an adviser alongside Rothschild to Pinault Printemps Redoute (PPR), the French retailer, on the €869m ($850m) sale of some of its consumer credit business.

Rothschild was known to be advising PPR on the future on Finaref, its consumer credit unit. But Lazard's role only became public after Finaref revealed it was in exclusive talks to sell 90% of Facet, its consumer lending management arm, to BNP Paribas.