Deutsche Bank AG
Acquisitions
6
Major Deals Covered
$13.0B
Disclosed Deal Value
Deutsche Bank's largest disclosed acquisition here is Bankers Trust for $10.1B in 1999. This page covers 6 major deals from 1989 to 2023, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Morgan Grenfell | 1989 | $1.5B | To buy a respected London merchant bank (about $1.25 billion (£950 million)) as the base for an international investment bank. |
| Bankers Trust | 1999 | $10.1B | To build a large U.S. investment banking and markets presence. |
| Postbank | 2010 | Undisclosed | To add a large German retail customer and deposit base, acquired in stages from 2008. |
| Sal. Oppenheim | 2010 | $1.0B | To expand wealth management among wealthy German families by buying the Cologne private bank. |
| Numis | 2023 | $410.0M | To add a leading UK corporate broker and advisory boutique (about $541 million (£410 million)). |
| Norisbank | 2006 | Undisclosed | Deutsche Bank AG acquired Norisbank in 2006. |
2023
$410M
To add a leading UK corporate broker and advisory boutique (about $541 million (£410 million)).
Combined as Deutsche Numis, strengthening UK mid-cap advisory and equity capital markets.
Supports the bank's push to grow Investment Banking & Capital Markets fees.
2010
To add a large German retail customer and deposit base, acquired in stages from 2008.
Made Deutsche Bank the largest retail bank in Germany by customers; Postbank remains a brand within the Private Bank.
IT integration was slow, and the takeover price led to litigation that required a ~$1.47 billion (€1.3 billion) provision in 2024.
2010
$1.0B
To expand wealth management among wealthy German families by buying the Cologne private bank.
Added a prominent private-banking brand.
Fully absorbed into Deutsche Bank Wealth Management.
2006
Deutsche Bank AG acquired Norisbank in 2006.
1999
$10.1B
To build a large U.S. investment banking and markets presence.
Made Deutsche Bank a major player in U.S. fixed income and derivatives but brought a riskier, trading-led culture.
Became the core of Deutsche Bank's U.S. operations; many of the bank's later conduct problems originated in its markets business.
1989
$1.5B
To buy a respected London merchant bank (about $1.25 billion (£950 million)) as the base for an international investment bank.
Gave Deutsche Bank an advisory and asset-management franchise in London.
Later integrated into Deutsche Bank's investment banking and asset management businesses.
The 2026-2028 strategy focuses on capital-light growth: gathering assets in the Private Bank (client assets of ~$956 billion (€846 billion) in Q2 2026, toward a ~$1.13 trillion (€1 trillion) 2028 target) and DWS, expanding Investment Banking & Capital Markets (EMEA market share up to 4.1% in Q2 2026), growing Corporate Bank fees, and funding investment with operating efficiencies, including AI-driven cost savings and branch closures.
Deutsche Bank makes money in four ways. The Corporate Bank earns net interest income on corporate deposits and loans plus fees from cash management, trade finance and securities services. The Investment Bank earns trading revenue in Fixed Income & Currencies (rates, credit, FX, financing) and fees from debt and equity origination and M&A advice; it exited equities sales and trading in 2019. The Private Bank earns interest and fees from retail customers in Germany (Deutsche Bank and Postbank brands), Italy and Spain, and from wealth-management clients worldwide. Asset Management earns management and performance fees through DWS, including its Xtrackers ETF range. In Q2 2026 the Investment Bank produced ~$3.62 billion (€3.2 billion) of the group's ~$9.61 billion (€8.5 billion) net revenues.
Key deals include London merchant bank Morgan Grenfell (1989, about $1.25 billion (£950 million)), U.S. bank Bankers Trust (completed 1999, about $10.1 billion), German retail bank Postbank (majority control in 2010), private bank Sal. Oppenheim (2010) and UK broker Numis (2023, about $541 million (£410 million)).
The acquisition of London-based Morgan Grenfell gave Deutsche Bank instant credibility and leadership in international asset management, securities trading, and European mergers and acquisitions advisory, launching its global investment banking ambitions.
The $10.1 billion acquisition of New York-based Bankers Trust was the largest foreign acquisition in US banking history at the time, transforming Deutsche Bank overnight into a major Wall Street leader with deep Fixed Income, derivatives, and institutional asset management capabilities.
Deutsche Bank acquired Postbank in stages to expand its domestic retail deposit base by 14 million customers, rebalancing its business model toward stable retail banking and reducing reliance on volatile capital markets.
Deutsche Bank acquired UK advisory boutique Numis for approximately $541 million (£410 million) to create 'Deutsche Numis', instantly establishing the leading corporate advisory and equity broker for FTSE 250 and UK corporate clients.
The acquisition of historic Cologne-based private bank Sal. Oppenheim expanded Deutsche Bank's wealth management footprint among ultra-high-net-worth German families, with its operations subsequently fully integrated into Deutsche Bank Wealth Management.
In early 2019, Deutsche Bank and Commerzbank held exploratory merger discussions to create a German banking champion. The talks were formally ended after both banks concluded that execution risks, integration costs, and restructuring hurdles outweighed potential synergies.
Deutsche Bank's current M&A strategy focuses on targeted, capital-light 'bolt-on' acquisitions in corporate advisory, asset management, technology platforms, and wealth management rather than dilutive large-scale universal bank mergers.
Yes, in 1999 they executed a highly aggressive, culturally catastrophic $10 billion acquisition of Bankers Trust. This massive culture clash completely transformed Deutsche Bank from a conservative German lender into a highly aggressive, risk-taking Wall Street trading firm.
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