Deutsche Bank, Germany's largest bank, yesterday said it was in the advanced stages of negotiations to buy Bankers Trust for cash at a proposed price of $93 per Bankers share, valuing the US bank at around $9.7 billion.

The deal would be the largest takeover of a US financial company by a foreign competitor, combining Germany's largest bank with the eighth largest US bank, measured by assets. It would represent a bid by Deutsche Bank to resume its aggressive push into the US which it failed to achieve through organic growth.

The banks said that the board of directors of Bankers and the steering committee of Deutsche's Vorstand - or executive board - have already reviewed and indicated their support for the proposed transaction, but have yet to approve it. Separate board meetings are scheduled for Sunday, November 29 to finalise the deal.

Deutsche Bank's options for financing the all-cash transaction include selling part of one of its stakes in German industrial companies and raising fresh equity.