Deutsche edges closer to deal for Sal Oppenheim wealth unit
DEUTSCHE BANK looks set to take over private bank Sal Oppenheim this week, following weeks of negotiations.
The move, which would give Deutsche more access to European – specifically German – wealth management clients, is expected to leave the bank owning 75 per cent of Sal, but would leave the private bank with a blocking minority stake in the combined company.
Thrashing out the details of the sale has been complicated as Deutsche does not want to take over Sal’s investment banking arm. It is thought Sal’s willingness to carve out its investment banking division is a major stumbling block for the deal.
Australian dealmaker Macquarie Bank has been touted as a favourite to take over the investment banking operations, after Italian group Mediobanca pulled out of talks.
Deutsche’s supervisory board, led by CEO Josef Ackermann, who are meeting on Wednesday to approve Thursday’s third-quarter financial results, are expected to outline the deal’s framework during the same meeting. Ahead of Thursday’s results, Deutsche has already revealed it made net income of €1.4bn (£1.3bn), boosted by tax credits.