Deutsche Bank said its due diligence on Sal Openheim was “positive” so far and it expects its checks to be finished by mid-September.

Deutsche Bank announced its intention to form a strategic partnership with Sal Oppenheim at the beginning of August. While the terms of the potential deal have not been disclosed, media reports have suggested that Deutsche is aiming for a stake of between 30 per cent and just under 50 per cent in the private bank.

Deutsche Bank financed €300 million ($424 million) increase of Sal Oppenheim’s equity capital in mid-August, bringing its equity capital to €2.1 billion and a total capital ratio of 13.3 per cent.

The news emerged after the strategic partnership was said to be endangered by Iranian state money in deposits of BHF-Bank, one of Sal Oppenheim’s daughter firms. This was expected to pose a threat to the deal, as Deutsche Bank recently had to radically decrease the amount of Iranian state money in its accounts, due to pressure from the US Government.

However, a source close to the situation told WealthBriefing that if this money existed, it would “not be a deal-breaker”. The Iranian money would not endanger the deal, the source said, as Deutsche Bank has already shown it can rapidly reduce the amount of money from Iranian state institutions in its accounts.

Sal Oppenheim is thought to be worth just over €2 billion.