Deutsche sees Sal. Oppenheim talks conclude by Oct

FRANKFURT Aug 27 (Reuters) - Deutsche Bank (DBKGn.DE) said due diligence of Sal. Oppenheim is "positive" so far and is optimistic about concluding negotiations with the private bank by mid October, the company said late Thursday.

Deutsche Bank said negotiations are about taking a stake in the Luxemburg-based wealth manager and further said it expects to conclude due diligence by mid September.

Stricken German private bank Sal. Oppenheim was forced to turn to Deutsche Bank for help after falling victim to the credit crunch.

Sal. Oppenheim has said it is in talks for a "strategic partnership" with Deutsche Bank and that Germany's flagship lender will be allowed to conduct due diligence. [ID:nL5668069]

Sal. Oppenheim could not be reached for comment.

Deutsche Bank has already helped Sal. Oppenheim raise equity capital by 300 million euros ($425 million) to around 2.1 billion euros.

Analysts have said that Sal. Oppenheim is estimated to be worth just over 2 billion euros. [ID:nWEA5424]

(Reporting by Edward Taylor and Philipp Halstrick; Editing by Bernard Orr)