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Deutsche Bank 'set to buy majority stake in Sal. Oppenheim'

Deutsche Bank is set to buy a majority stake in Luxembourg-based holding company Sal. Oppenheim, according to media reports.

Germany's biggest lender is reported to be ready to pay around $1.5 billion for a 75 per cent stake in the company.

Deutsche Bank is holding a supervisory board meeting today (Wednesday 28th October 2009) and it is believed a deal may be announced following its conclusion.

Sal. Oppenheim, which is currently Europe's largest independent bank, employs around 4,000 workers in its investment banking and wealth management businesses.

Last year, the company recorded a $173 million deficit, its first loss since World War Two and Deutsche Bank has since provided Sal. Oppenheim with $963 million in loans to keep it afloat.

Earlier this month, Deutsche Bank reported that it was expecting to report a third-quarter profit in the region of $2 billion, more than three times its profit levels from the same period in 2008.