EU clears Deutsche deal for Sal. Oppenheim

(BRUSSELS) - European regulators on Friday cleared a 1.0-billion-euro (1.39 billion dollars) deal for Germany's biggest lender Deutsche Bank to buy Sal. Oppenheim, a Luxembourg-based private banking group.

The takeover marks the end of Sal. Oppenheim's independence since it was founded in 1789.

"The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the banking group Sal. Oppenheim by Deutsche Bank," a statement said.

A European 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.

Sal. Oppenheim had approximately 135 billion euros in client assets under management last June 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.