Before spinning off the asset management arm, the German lender intends to integrate its wealth business under the Sal Oppenheim brand into this unit. Sal Oppenheim was bought about seven years ago.

Deutsche Bank, Germany’s largest bank, plans to integrate parts of the Sal Oppenheim subsidiary wealth management business, bought about seven years ago, into its asset management division before that unit is spun off, Handeslblatt, reported, citing an unnamed source.

The German publication reported that 40 to 50 staff from Sal Oppenheim’s institutional client business would switch to Deutsche Asset Management. 

The Frankfurt-listed lender declined to comment.

Reuters has reported, also citing unnamed sources, that Deutsche Bank has asked banks to pitch for work on an initial public offering of its asset management business that could raise around €2 billion ($2.4 billion).