Deutsche edges closer to deal for Sal Oppenheim wealth unit

DEUTSCHE BANK looks set to take over private bank Sal Oppenheim this week, following weeks of negotiations.<br /><br />The move, which would give Deutsche more access to European &ndash; specifically German &ndash; wealth management clients, is expected to leave the bank owning 75 per cent of Sal, but would leave the private bank with a blocking minority stake in the combined company.<br /><br />Thrashing out the details of the sale has been complicated as Deutsche does not want to take over Sal&rsquo;s investment banking arm. It is thought Sal&rsquo;s willingness to carve out its investment banking division is a major stumbling block for the deal.<br /><br />Australian dealmaker Macquarie Bank has been touted as a favourite to take over the investment banking operations, after Italian group Mediobanca pulled out of talks.<br /><br />Deutsche&rsquo;s supervisory board, led by CEO Josef Ackermann, who are meeting on Wednesday to approve Thursday&rsquo;s third-quarter financial results, are expected to outline the deal&rsquo;s framework during the same meeting. Ahead of Thursday&rsquo;s results, Deutsche has already revealed it made net income of &euro;1.4bn (&pound;1.3bn), boosted by tax credits.