Germany based Deutsche Bank is planning to merge its wealth management units in Switzerland, to reduce operational cost and increase profitability by gaining strong customer base in the region.
Based on the integration plan, the lender will merge the entire Bank Sal Oppenheim jr & Cie (Switzerland), a group subsidiary, into Deutsche Bank (Switzerland).
Pending receipt of regulatory approval from Swiss Financial Market Supervisory Authority and the subsidiary, the merger is expected to close by the end of December 2013.
Deutsche Bank (Switzerland) CEO and Deutsche Bank’s wealth management for the EMEA region head Marco Bizzozero said that the consolidation will lay a foundation for continued growth in a market that remains difficult.
"In the future, efficient structures and offerings consistently geared to the needs of clients will be more important than ever for a successful bank model," Bizzozero added.
Following the completion of merger, the wealth management unit’s customers will retain the same advisors and benefit from more extensive access to investment opportunities.
The global investment bank has a workforce of 78,000 employees, in more than 70 nations across the globe and offers banking and wealth management services, among others.