Deutsche Bank AG, Germany’s biggest bank, is in talks to buy a minority stake in private bank Sal. Oppenheim Jr. & Cie KGaA to help boost business with wealthy clients , Bloomberg reports.
Meanwhile, Frankfurt-based Deutsche Bank said that it had made a nonbinding offer for a capital stake in the Luxembourg-based bank and that Oppenheim would allow it to look at its financial books.
Deutsche Bank, Germany's biggest bank, did not say what percentage of Oppenheim's capital it wants and gave no financial details , Atlanta Journal Constitution reports.
"The strategic partnership is intended to give Sal. Oppenheim's customers access to Deutsche Bank's global network and strengthen Deutsche Bank's position in business with affluent private clients in Germany," Deutsche Bank said in a statement , Reuters reports.