As per the media reports, Deutsche Bank shall pay a sum of approx 1 billion euros ($1.47 billion) with the aim of buying private bank Sal Oppenheim’s business with rich private and corporate customers.

Germany's biggest bank, with this move, will be able to take a clear majority in 220-year-old Sal. Oppenheim from the start; however the final price and size of the stake haven’t been set till now.

The basic aim of the two banks is to acquire the agreement by the end of October.

The sources familiar with the matter said, “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.”

The interest of Deutsche Bank lies in purchasing only Oppenheim's wealth management business.

However, it is not known as yet as to what will happen to the remainder of the Luxembourg-based bank, like investment unit Sal Oppenheim Private Equity Partners.

A source said, “The inclusion of this unit in the overall package is being intensively discussed.”

On Wednesday, one of the leading German daily claimed that the two banks were discussing flaws in the sale contract, which would take account of later changes in value of the assets that could benefit Sal. Oppenheim's current owners.

Already, sum of 650 million euros was given to Sal. Oppenheim by Deutsche Bank in order to help it. In 2008, Sal. Oppenheim posted a loss for the first time in its post-war history.