Following Deutsche Bank's acquisition of Sal Oppenheim, the Cologne-headquartered private bank, Austria will see a merger of Sal Oppenheim's private banking operations and the private wealth management operations of Deutsche Bank, Bernhard Ramsauer, Sal Oppenheim's chief executive and Austria head of Deutsche’s Private Wealth Management, told Wirtschaftsblatt, the Austrian finance daily.

The joint operations will have assets of €4.35 billion ($5.35 billion) under management.

The move will lead to the closure of some offices. In Salzburg, where Deutsche and Sal Oppenheim both have an office, one will be closed. Furthermore, the offices in Budapest and Warsaw will be closed. The clients affected will be served through offices in Geneva and Vienna, the paper reported.

WealthBriefing was unable at time of publication to contact the relevant person at Deutsche to find out whether other countries will also be affected.