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Sal. Oppenheim gets more Deutsche Bank loans-papers

Source: Reuters - Mon 28th Sep 2009

Deutsche Bank has lent stricken private bank Sal. Oppenheim hundreds of millions more euros in a move that advances an envisaged takeover by Gemany's flasgship lender, German newspapers reported on Monday.

Citing financial sources, the Handelsblatt paper said Deutsche Bank had provided 350 million euros in fresh loans on top of the 300 million euros it lent in August. The loans were secured with shares in the wealth manager, it added.

The Financial Times Deutschland paper said loans from Deutsche Bank to Luxembourg-based Sal. Oppenheim exceeded 600 million euros in all and that Deutsche Bank now had at least a third of Sal. Oppenheim's shares as collateral.

Sources familiar with the matter told Reuters on Sept. 18 that Deutsche Bank had finished its due diligence and was set to enter talks to take a stake in Sal. Oppenheim's wealth management arm.

The two banks have declined to comment on the stake sale process.

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