Deutsche Bank has completed its $1.3 billion acquisition of German private bank Sal. Oppenheim jr. & Cie. S.C.A.
The German investment bank, which announced the completion of its purchase on Monday, has made Sal. Oppenheim a subsidiary. In addition, Deutsche Bank will pick up Sal. Oppenheim's other businesses, including BHF Bank Group and Sal. Oppenheim Private Equity Partners.
Pierre de Weck, head of Deutsche Bank's private wealth management unit, said in a statement: "Sal. Oppenheim is well-positioned to serve its private and institutional clients as an independently operating bank."
As part of its acquisition, Sal. Oppenheim has agreed to get out of investment banking. It found a willing buyer for its European cash equities sales and research business last month in the form of Australia's Macquarie Group. In December, Macquarie also agreed to buy the firm's equity derivatives and structured products business, which gave it 90 employees.
Deutsche Bank, meanwhile, will explore strategic alternatives for Sal. Oppenheim's BHF Bank business.
Deutsche Bank's purchase, which stems from its agreement to buy the private bank in October 2009, gave it control of a business that managed €137 billion in assets last year.
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