Sal. Oppenheim
| Company type | Private bank (limited partnership) |
|---|---|
| Industry | Banking, asset management |
| Founded | 1789 in Bonn, Germany |
| Founder | Salomon Oppenheim Jr. |
| Defunct | 2017 |
| Fate | Brand phased out by Deutsche Bank; full integration completed by 30 June 2018 |
| Successor | Deutsche Bank |
| Headquarters | Cologne , Germany |
Area served | Germany, Europe |
Key people | Wolfgang Leoni (chairman of the executive board beginning in 2013), Alfred Freiherr von Oppenheim (partner 1964–1993), Matthias Graf von Krockow (partner 1986–2010), Christopher von Oppenheim (partner 1990–2010), Robert Pferdmenges (partner 1929–1953), Karl Otto Pöhl (partner 1993–1998), Siegfried Grohs (managing director 2008–2011) |
| Products | Asset management, private banking, corporate banking |
| Owner | Karin von Ullmann, Nicolaus von Oppenheim, Henri Pferdmenges, Hubertus Graf von Faber-Castell |
Number of employees | approx. 1,500 (2003) (2003) |
| Parent | Deutsche Bank (from 2010) |
Sal. Oppenheim was a German private bank established in 1789, with its main office located in Cologne, Germany. The institution focused on asset management services tailored for affluent individuals and institutional clients. In 2009, it became part of Deutsche Bank. The Sal. Oppenheim brand was phased out by Deutsche Bank in 2017, with full integration completed by 30 June 2018.
Establishment
The bank was founded in 1789 in Bonn by Salomon Oppenheim Jr., who was just seventeen at the time. Initially, it operated as a commission and foreign exchange firm, engaging in commodity trading, currency exchange, and providing credit services.
In 1798, the company moved to Cologne, which was then considered Germany’s primary banking hub, establishing itself at Grosse Budengasse 8. Following the death of Salomon Oppenheim Jr. in 1828, management passed to his wife Therese and their sons Simon and Abraham. The family's ties to the prominent Rothschild family were strengthened both personally and professionally through Abraham Oppenheim’s 1834 marriage to Charlotte Beyfus.
Role in Ruhr industrial financing
Starting in the 1820s, Oppenheim played a key role in financing the Rhineland navy and contributed to the expansion of the railway network amid the industrial growth of the Rhineland and the Ruhr region.
A subsidiary was established in Amsterdam in 1836, operating until 1856. By 1837, the bank had begun providing capital to major corporations. In 1838, it co-founded the Colonia-Insurance Company alongside the A. Schaaffhausen'scher Bank Association and Herstatt Bank. After Therese Oppenheim passed away in 1842, her two sons assumed control of the bank. The institution also founded the Darmstädter Bank in 1853 and took part in creating mortgage bank Eurohypo AG in 1870.
Although originally Jewish, Albert Oppenheim converted to Catholicism in 1858, while Eduard Oppenheim embraced Protestantism a year later. In 1868, Abraham Oppenheim was granted the title of Prussian Freiherr (Baron) and became part of King Wilhelm I’s close circle.
Transition to limited partnership
Following the deaths of Abraham and Simon in 1880, their sons Albert and Eduard assumed leadership. The company changed its structure from a general partnership to a limited partnership in 1904 under Alfred von Oppenheim and his cousin Emil.
Ferdinand Rinkel became the first leader outside the family in 1912, succeeded by Otto Kaufmann in 1921. Beginning in 1914, the bank supported financing for nine German war loans during World War I.
Under duress in 1936, the bank underwent "voluntary" Aryanization, bringing on partner Robert Pferdmenges. That same year it absorbed the Jewish-owned Bank of A. Levy. In 1938, operating as Robert Pferdmenges & Co., it endorsed a Nazi Party newspaper campaign. Eduard von Oppenheim’s horse breeding farm Schlenderhan was transferred to the SS in 1942. Operations ceased after Waldemar and Friedrich Carl von Oppenheim were imprisoned in 1944.
The Oppenheim Family's Return
Following the conclusion of World War II in 1945, operations recommenced under the name Pferdmenges & Co., and by 1947, the institution had reinstated its original designation, Sal. Oppenheim Jr. & Cie., with the Oppenheim family shareholders restored. The bank played a key role in providing financial backing to Auto Union, which later evolved into Audi AG.
In 1968, Sal. Oppenheim expanded by merging with Heinrich Kirchholtes & Co. Bank based in Frankfurt. This growth continued with the establishment of branches in major financial centers such as Zürich, München, Paris, and London. During the period of German reunification, the bank was instrumental in advising on the privatization of state-owned enterprises.
By 1989, Sal. Oppenheim divested its holdings in the Colonia-Insurance Company, thereby affirming its status as a limited partnership.
The acquisition of BHF Bank from the Dutch ING Group in 2004 elevated Sal. Oppenheim to become Germany’s largest privately held banking institution and one of Europe’s foremost family-owned banks, alongside Hamburg’s M. M. Warburg & Co..
At the close of 2003, the bank employed approximately 1,500 staff across twenty offices, managing assets nearing US$127 billion and generating annual profits around €61 million.
The passing of Alfred Freiherr von Oppenheim in 2005 effectively ended direct family involvement in management. Alfred had formed a partnership with real estate entrepreneur Josef Esch, who subsequently assumed a significant—and occasionally contentious—role within the bank’s affairs.
Organizational Changes and Ownership Transfer
In 2007, the bank shifted its headquarters to Luxembourg. On 4 July 2008, it divested its subsidiary, Oppenheim Investment Managers Limited, selling it to Merrion Capital Group Limited. Subsequently, in December 2010, Deutsche Bank acquired Sal. Oppenheim for an estimated €1 billion, a transaction influenced by the bank’s exposure to the insolvency of Arcandor. Following this acquisition, the headquarters were relocated back to Cologne, Germany.
Key Figures Associated with Sal. Oppenheim
Prominent individuals connected to Sal. Oppenheim who have shaped Germany’s political and economic landscape include:
- Salomon Oppenheim, Jr (founder)
- Abraham Oppenheim (partner from 1821 to 1878)
- Simon Oppenheim (partner from 1828 to 1880)
- Albert von Oppenheim (partner from 1880 to 1904)
- Robert Pferdmenges (partner from 1929 to 1953)
- Alfred Freiherr von Oppenheim (partner from 1964 to 1993)
- Matthias Graf von Krockow (partner from 1986 to 2010)
- Karin von Ullmann (owner)
- Nicolaus von Oppenheim (owner)
- Henri Pferdmenges (owner)
- Hubertus Graf von Faber-Castell (owner)
- Christopher von Oppenheim (partner from 1990 to 2010)
- Karl Otto Pöhl (partner from 1993 to 1998)
- Wolfgang Leoni (chairman of the executive board beginning in 2013)
- Siegfried Grohs (managing director between 2008 and 2011)