RPT-Deutsche Bank set to clinch Sal. Oppenheim-sources

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By Edward Taylor and Alexander Huebner

FRANKFURT Oct 27 (Reuters) - Deutsche Bank AG (DBKGn.DE) could unveil as early as Wednesday a deal to buy a stake of about 75 percent in wealth manager Sal. Oppenheim for about 1 billion euros ($1.5 billion), people familiar with the matter said.

Deutsche Bank's supervisory board is set to meet Wednesday to sign off on third-quarter earnings and will discuss the Sal. Oppenheim deal, one of the people said on Tuesday. [ID:nLQ204569]

If completed, the acquisition would be one of the largest transactions in Europe's private wealth management industry this year.

If Deutsche buys a stake that is bigger than 75 percent in Sal. Oppenheim, wealth manager to Germany's richest families, it will be able to complete a so-called domination agreement which gives it full control of cashflows.

Sal. Oppenheim's family owners are selling parts of the business after the bank posted its first post-war loss last year, hurt by the financial crisis and a hit from its stake in insolvent German retailer Arcandor (AROG.DE).

With roots going back to 1789, Sal. Oppenheim, which has around 4,000 employees, is active in both investment banking and wealth management.

Deutsche is looking at buying up all of Sal. Oppenheim's assets apart from the investment bank, though it remains unclear whether the bank also plans to buy a private equity fund controlled by Sal. Oppenheim's owners as part of the deal.

Deutsche Bank is already in talks to buy parts of ABN AMRO [ABNNV.UL] and Deutsche Postbank AG (DPBGn.DE). [ID:nLK323528]

Deutsche Bank could initially buy all of Sal. Oppenheim and then split off the investment bank at a later stage, another person familiar with the matter said.

Australia's Macquarie Group Ltd (MQG.AX) is in talks to buy Sal. Oppenheim's investment banking arm, other sources close to the matter have told Reuters. Macquarie is expected to unveil its quarterly earnings on Friday.

Deutsche Bank, Sal. Oppenheim and Macquarie all declined to comment.

Sal. Oppenheim recorded a 2008 net loss of 117 million euros, the first loss since World War Two, forcing its owners, who include Baron Christopher von Oppenheim and Count Matthias von Krockow, to turn to Deutsche for help.

Deutsche has already stepped in to provide 650 million euros in loans to help prop up the struggling firm.

Sal. Oppenheim had 132 billion euros ($190 billion) in assets under management at the end of 2008. The bank did not provide a breakdown of institutional and private assets.

Analysts say valuations in the wealth management sector were usually 2 to 4 percent of client assets, depending on the quality of the assets. (Editing by David Holmes)