Deutsche Bank looks to Strengthen Wealth Management Buys Sal. Oppenheim for $1.48 billion (DB)

10/28/2009-In an effort to strengthen its asset management arm, Deutsche Bank (NYSE:DB) announced it agreed to terms in a EUR 1 billion (USD $1.48 billion) acquisition of Luxembourg private bank Sal. Oppenheim. Deutsche's own wealth management arm has received the full effect of the global recession, reporting a 36% decline in second-quarter revenues. "Through the acquisition of this respected private banking house we will strengthen our asset and wealth management in Europe and especially in Germany," said Chief Executive Josef Ackermann.

Write to Chip Brian at cbrian@tradethetrend.com

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Related terms: acquisition, europe, germany, luxembourg, market, nyse, recession, securities