No problem
January 30, 2010
"The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the banking group Sal. Oppenheim by Deutsche Bank," an EU statement said.
A commission investigation found that "the horizontal overlaps between the activities of Deutsche Bank and Sal. Oppenheim, such as the distribution of mutual funds and the provision of private banking services, are limited" and therefore no impediment to approval.
Two centuries of independence
The takeover marks the end of Sal. Oppenheim's independence after more than 200 years. The Luxemburg-based bank was founded in 1789.
The banking group said last year it had recorded losses for the first time since the end of the Second World War.
Analysts have said the bank was unable to cope on its own with failed investments in connection with the 2008 financial crisis.
According to data collected last June, Sal. Oppenheim had approximately 135 billion euros in client assets under management and employed roughly 4,400 people.
Deutsche Bank had total assets at that time of 1.73 trillion euros and nearly 79,000 staff, with its private wealth management division controlling invested assets of around 171 billion euros.
glb/AP/Reuters
Editor: Toma Tasovac