FRANKFURT, Oct 7 (Reuters) - Deutsche Bank will pay about 1 billion euros ($1.47 billion) to buy private bank Sal. Oppenheim's business with wealthy private and corporate customers, several persons familiar with the talks told Reuters.
The move would allow Germany's biggest bank to take a clear majority in 220-year-old Sal. Oppenheim from the start but the final price and size of the stake have yet to be set, the sources said on Wednesday.
The two banks are aiming for agreement by end-October.
The 1 billion euro figure is based on a valuation of the entire bank, excluding Sal. Oppenheim's investment banking operations separately up for sale and its Oppenheim-Esch property fund.
Deutsche Bank is interested in buying only Oppenheim's wealth management business.
It remains unclear what will happen to the remainder of the Luxembourg-based bank, such as investment unit Sal. Oppenheim Private Equity Partners.
"The inclusion of this unit in the overall package is being intensively discussed," one of the sources said.
German daily Frankfurter Allgemeine Zeitung reported on Wednesday that the two banks were discussing clauses in the sale contract that would take account of later changes in value of the assets that could benefit Sal. Oppenheim's current owners.
Deutsche Bank has already provided 650 million euros to help bolster Sal. Oppenheim, which posted a loss in 2008 for the first time in its post-war history and is ending its independence after two centuries as a family-owned bank.