German private banking is the latest sector to have a major re-alignment triggered by the financial crisis, as Deutsche Bank moved in to buy Sal Oppenheim, in a deal that will close in the first quarter of 2010.
The takeover almost doubles Deutsche's assets under management, and in particular gives it greater access to ultra-high-net-worth private banking clients. It also pulls Deutsche yet further away from the merged Commerzbank/Dresdner Bank.
