Macquarie eyes banking unit at Sal Oppenheim

AUSTRALIAN banking giant Macquarie is in talks to buy the investment banking operations of German private bank Sal Oppenheim.

Macquarie chief executive Nicholas Moore has stepped in after Italian bank Mediobanca decided against making an offer for the unit.

The bank, which has a giant $4bn (£2.5bn) in excess capital, has been on a buying spree in recent weeks as it fights to boost its international presence, particularly in the US.

Last month it bought Fox-Pitt Kelton Cochran Caronia Waller, the US-British investment bank.

Sal Oppenheim is also understood to be nearing a deal over a sale of its asset management arm to Deutsche Bank.

The news of a sale of its investment banking arm comes a day after it emerged Sal Oppenheim was within weeks of selling off insolvent German retailer Arcandor.