German private bank Delbrueck Bethmann Maffei is close to announcing an acquisition of a local private bank, according to German press repor...

German private bank Delbrueck Bethmann Maffei is close to announcing an acquisition of a local private bank, according to German press reports. Delbrueck Bethmann Maffei is part of the Dutch financial group ABN Amro. According to the reports, the bank’s chief executive Ruediger von Wendel said Delbrueck was in concrete talks with a wealth management group, but declined to name the firm. Mr Von Wendel said he believed consolidation in the German wealth management industry would continue and that Delbrueck, which has around €13 billion ($15.6 billion) in assets under management, would play an active part. Delbrueck Bethmann Maffei was created with the merger of Delbrueck and Bethmann Maffei by ABN in 2004.