Deutsche Bank and Sal Oppenheim unveil deal
Germany's Deutsche Bank today said it would acquire Sal Oppenheim and subsidiaries of the private bank in a deal the companies valued at about €1.3bn ($1.92bn).
The deal aligns Deutsche Bank with one of Germany's strongest private banking brands as it attempts to boost its own distressed wealth management business, which reported a 36% decline in second quarter net revenue.
"Through the acquisition of this respected private banking house we will strengthen our asset and wealth management in Europe and especially in Germany," said Deutsche Bank chief executive Josef Ackermann.
Deutsche Bank, which has survived the financial crisis relatively unscathed and without government support, is in the midst of making several acquisitions to strengthen its domestic and international business.
Last week, Deutsche Bank said it would acquire the commercial banking assets of ABN Amro from the Dutch government.
It also has an agreement to buy up to a majority stake in Deutsche Postbank, in which it currently owns about 25%.
– Write to: william.launder@dowjones.co
del.icio.us
Digg
Newsvine
reddit
StumbleUpon