In 1953, Edmond de Rothschild set up the Compagnie Financière Edmond de Rothschild in Paris. This laid the groundwork for the international group through the acquisition of the Geneva-based private banking practice in 1965 and the opening of a branch in Luxembourg three years later. In 1989, his 23-year-old son, Benjamin de Rothschild, founded the Compagnie de Trésorerie to offer advanced financial risk management services. Following the death of his father in 1997, Benjamin de Rothschild became president of the Group. Ariane de Rothschild, his wife, was appointed vice-president of the Group in 2009, and was nominated chief executive of Group in January 2015. In 2010, the LCF Rothschild (La Compagnie financière) group changed its name to Edmond de Rothschild as a tribute to its founder. According to Benjamin de Rothschild, "the Edmond de Rothschild group gathered all its banking and non-banking activities under the new heading to clarify and strengthen the Group's identity".