Germany’s largest lender is reportedly set to axe the unprofitable unit.

Deutsche is set to close its private bank in Australia as part of a restructure of its local wealth management business, according to a report by the Financial Review, citing unnamed sources.

The news service reported that Deutsche's private bank will retain a cross-border capability, with teams in Singapore and Hong Kong to serve Australian clients.

The Australian private bank reportedly only has five to ten employees left and some Asian executives are understood to have argued it is not profitable on a standalone basis and is being propped up by revenues from areas such as margin lending.

In the Asia-Pacific region, Deutsche Bank administers €59 billion ($66 billion). The bank has been operating in Australia since 1974 and has offices in Sydney, Melbourne and Perth. Deutsche Australia and New Zealand are led by Michael Ormaechea.

Deutsche Bank could not be immediately reached for comment.