Private banking: Deutsche lays out big ambitions

BARRING ANY UNFORESEEN late regulatory intervention, Deutsche Bank will complete the acquisition of Sal Oppenheim Group at the end of March and rise to the top of the rankings by customer assets of private wealth managers in the eurozone. It has determined to diversify its earnings away from heavy dependence on its global markets and investment banking operations. Building up private banking is a key part of that and Deutsche is particularly ambitious to grow in three key areas: in onshore private banking; in serving ultra-high-net-worth clients; and in the world’s fastest-growing growth economies, notably in Asia.