Deutsche Bank has signed an agreement to acquire 100 per cent of Sal. Oppenheim at a price of EUR1.0bn.
The present shareholders in Sal. Oppenheim have the option of a long-term shareholding of up to 20 per cent of the German subsidiary Sal. Oppenheim jr. & Cie based in Cologne.
Sal. Oppenheim’s asset and wealth management activities will be maintained and expanded in the future under the private bank’s brand and preserve Sal. Oppenheim’s identity and values.
With this transaction, Deutsche Bank strengthens its position among high-net-worth private clients, especially in Germany.
With the purchase of the Luxembourg-based holding company, all activities of the German subsidiary Sal. Oppenheim jr. & Cie, BHF-Bank and the private equity fund of funds business managed in the separate holding Sal. Oppenheim Private Equity Partners will transfer to Deutsche Bank.
In addition, Deutsche Bank will acquire BHF Asset Servicing which is held by the Sal. Oppenheim jr. & Cie shareholders. Deutsche Bank intends to resell BHF Asset Servicing.
In the future, Sal. Oppenheim will focus on its core asset and wealth management business. Furthermore, Deutsche Bank will participate in ongoing talks on a sale of Sal. Oppenheim’s investment banking activities.
The purchase price for the different entities acquired is expected to total EUR1.3bn.
The acquisition of Sal. Oppenheim will be implemented via various execution agreements and is expected to close in the first quarter 2010 subject to approval by the respective regulatory and anti-trust authorities.
"Through the acquisition of this respected private banking house we will strengthen our asset and wealth management in Europe and especially in Germany," says Dr. Josef Ackermann (pictured), chairman of the management board of Deutsche Bank. "We are continuing to strengthen our stable businesses. This is an excellent base for further global growth in this area."
Matthias Graf von Krockow, spokesman for the personally liable partners of Sal. Oppenheim, says: "We are pleased to be able to serve our customers in the future from within a strong group and to combine the strengths of the two banks. In the future we will continue to rely on our long-standing tradition and our client focus to further strengthen our customers’ trust in our bank."
Decisions concerning new management structures and governance will be made and communicated in due course.
