Deutsche Bank is in advanced talks to take at least a minority stake in Sal Oppenheim, one of Europe’s best-known and biggest independent private banks.

Germany’s biggest bank has made a non-binding offer for a stake in Luxembourg-based Sal Oppenheim in a deal that could further the expected consolidation of Europe’s private banking sector.

Deutsche and Sal Oppenheim said they were discussing a “strategic partnership”, with Deutsche conducting due diligence on the privately owned bank. – (Copyright Financial Times Limited 2009)