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.
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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.
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