Sal Oppenheim eyes Switzerland for buys

By John O'Donnell

GENEVA (Reuters) - Europe's biggest independent private bank, Sal Oppenheim, is on the prowl for further acquisitions and is eyeing Switzerland for opportunities, one of the group's owners told Reuters on Tuesday.

Last year, Sal Oppenheim bought Germany's BHF-Bank for 600 million euros ($762 million) but it believes another such deal at home is unlikely.

"The German market is pretty fragmented," Christopher von Oppenheim said at a Reuters' Wealth Management Summit. "There is no other bank available in this size in Germany."

"We are interested in internationalizing our business. Be it Luxembourg or be it Switzerland. We know there is a consolidation going on in Switzerland. We weigh our chances."

"I think if we were on the acquisition path it would be asset management and private equity but also independent financial advisers."

Von Oppenheim -- one of a handful of partners that own Sal Oppenheim -- added that he was not examining any deals now.

His comments come after a record profit for the group in 2005 -- money which the bank's owners had already said would strengthen its hand in making takeovers.

As one of Germany's most cash-rich private banks, with total assets of more than 30 billion euros, Sal Oppenheim has in the past said that it could pay for another acquisition as big as BHF.  Continued...