In a move which will help the group expand its European presence and branch away from its Asian base, Australia's Macquarie is all set to acquire the derivative business of the private bank Sal. Oppenheim, as has been confirmed by both the parties involved.

The confirmations were made on Wednesday, but the financial terms of the deal have not been disclosed, but sources have hinted that the deal has valued the business, which primarily focuses on equity derivatives and structured products, in a "double-digit million euro range".

Most of Sal. Oppenheim is, however, to be purchased by Deutsche Bank in a 1 Billion Euros ($1.43 Billion) deal by 2010's first quarter, but the bank wants to cut out businesses that are not essentially a part of the core wealth management operations.

Derivative business of Sal. Oppenheim is a "market maker and issuer" on exchanges across Germany, Switzerland, Austria and Italy. Equity derivatives are marketed by the group through private banks and retail brokers.

"Deutsche Bank has indicated that it will fully support a continuation of the investment bank. The continuation concept also includes assessing alternatives for transferring the remaining investment banking activities into a new ownership structure", shared Sal. Oppenheim.