Deutsche Bank has integrated its Sal Oppenheim subsidiary in Switzerland into its group asset and wealth management division after similar integrations in Germany and Russia over the past month.

The move mirrors Credit Suisse who fully integrated subsidiary Clariden Leu in November last year in a bid to save around CHF200m ($218m) annually.

Deutsche, the world’s sixth largest private bank, has integrated its Swiss private banking subsidiary, Sal Oppenheim, into its wealth management business under the umbrella of Deutsche Bank Switzerland.

The bank said it is bundling the activities concerning high net worth private clients and institutional clients together under the same expertise, in the belief that it will strengthen the wealth business.

Deutsche Bank (Switzerland) CEO, Marco Bizzozero said the move was laying the foundation for continued growth in a market environment that remains difficult.

Sal Oppenheim joins Deutsche Bank in Germany

The Swiss integration follows similar changes to Cologne-based Sal Oppenheim which was fully integrated in to Deutsche Bank in Germany on 20 November, with the focus being to grow its core wealth management division.

The merger has come about after the formation of the bank’s asset and wealth management division, which Sal Oppenheim will operate within.

Sal Oppenheim is expected to benefit from Deutsche Bank’s infrastructure which will enable efficient processes and greater profitability.

Sal Oppenheim CEO Wilhelm von Haller commented: "Sal Oppenheim has extraordinary strengths in the field of wealth management for which we are valued by our clients. We want to build on these strengths… With this reorganisation of the bank, we are … in a much better position than many of our competitors."

Deutsche Bank in Russia acquires remaining stake in UFG Asset Management

On 11 November, Deutsche Bank’s Russian division fully acquired Deutsche UFG Capital Management, its Russian investment management company, through its asset management division.

The bank’s said the acquisition comes as its retail asset management business has strengthened its footprint in Russia. This will enable Deutsche Bank to provide its clients with a better access to investments into the Russian market, the bank said.

Deutsche UFG Capital Management was formed in 2008 when Deutsche Bank acquired a 40% in UFG Invest.