Deutsche Bank has received several informal offers for BHF, the wealth management and corporate banking unit of recently acquired Sal Oppenheim, Reuters reported, citing an unnamed source.

Yesterday was the deadline for possible buyers to indicate their interest in BHF. No binding offers have been sought yet and a deal is unlikely before the end of the year, the news service said, citing people familiar with the matter.

The fate of BHF is one of the many stories in a still-busy merger and acquisition arena for wealth management, which continues as some banks look to offload non-core assets to rebuild balance sheets or restructure businesses, while others look to win more market share in Europe and further afield.

Deutsche Bank is seeking at least €650 million for BHF. Some potential bidders value the business at €400 to €500 million, the report said. The potential suitors are Liechtenstein-based LGT bank, France's BNP Paribas, Swiss firms Vontobel, Julius Baer and UBS and some private equity houses.

Another source, quoted by the news service, also cites HSBC Trinkaus, as being interested in the unit. The report added that none of the banks mentioned have commented.

WealthBriefing was unable obtain a comment from the banks at the time of going to press.

A move by Deutsche to spin off the BHF business has been on the cards since the German banking giant bought Sal Oppenheim earlier this year.

To view a recent article about Deutsche and BHF, click here.