Deutsche Bank on Wednesday said it would buy Sal Oppenheim, one of Europe’s best known independent, privately owned banks, in a €1bn ($1.47bn) deal that will bolster its European wealth management business.

The deal brings to an end a 220-year history of independence for Sal Oppenheim, which made some poor investments during the financial crisis, such as its increased exposure to Arcandor, the now insolvent German retail group. However, Deutsche said it intended to keep the Sal Oppenheim brand.