View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
September 30, 2009

WBrief: Deutsche to take majority stake in Sal Opp?

By Spear's

Deutsche Bank may take a majority stake in Sal Oppenheim, the Luxembourg-headquartered private bank, rather than the minority stake the German banking giant originally aimed for, Bloomberg reports, citing unnamed sources familiar with the matter.

Deutsche Bank may take a majority stake in Sal Oppenheim, the Luxembourg-headquartered private bank, rather than the minority stake the German banking giant originally aimed for, Bloomberg reports, citing unnamed sources familiar with the matter.

According to the news service’s sources, Josef Ackermann, Deutsche’s chief executive, had planned to initially take a stake of between 30 to 50 per cent, and then proceed to a majority holding in time. But it now seems that a controlling stake – which would allow Deutsche to exert greater control over the stricken wealth manager in terms of strategy – is an option.

Deutsche first announced that it was in talks to form a “strategic partnership” with Sal Oppenheim in early August, but neither the size of any possible stake nor the terms of Deutsche’s “non-binding” offer were disclosed.

A week later Sal Oppenheim said it had raised its equity capital by €300 million ($437 million) to €2.1 billion through a cash injection financed by Deutsche. At that time, a Deutsche Bank spokesperson told this publication that the funds were only credit and did not mean that any shares in Sal Oppenheim had been acquired.

To read the full story, visit wealthbriefing.com

Content from our partners
Meet the females leading in the FTSE
A cut above: Charles Sanford on why HNW clients choose LGT Wealth Management
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network