Depfa Bank
Depfa Bank plc is a formerly independent bank focusing on the financing of the public sector; since 2007 is Depfa part of Hypo Real Estate.
History
National Company for municipal finance
It was founded in 1922 as the Prussian state government agency bank to finance the small housing. 1949 moved the headquarters from Berlin to Wiesbaden. 1951 one changed the name in German Pfandbriefanstalt, from which the present name derives yet. Starting in 1954, the bank was a Federal corporation under public law. In the 1970s, today's business area strengthened municipal loans. 1979 acquired DEPFA a majority stake in Deutsche Bank AG building and floor. 1997/98 was an attempt at a hostile takeover of DEPFA by the Swiss UBS. 1998/99 the German land and construction Bank AG was merged with the business " Real Estate Financing" Depfa.
Privatization
As part of the privatization policy of the Federal Republic of Germany DEPFA was converted at the turn of 1989/90 into a corporation in 1991 and floated on the stock exchange for the equivalent of about 275 million euros.
The IPO and the associated wide placement of shares took place in March 1991. Since 1990, the Depfa no longer worked on the basis of a public contract, but felt ( as its own representation ) as a market - and profit-oriented company committed to shareholder value principle.
Splitting and HRE takeover
In 2001 the company was split into a bank for state funding (now Depfa Bank plc, a public limited company incorporated under Irish law with headquarters in Dublin) and one from the division of real estate financing, outsourced and also listed on the stock exchange Aareal Bank. One of the largest financing in the public sector Depfa was that of the Viaduc de Millau. After moving to Ireland Depfa Inc goes to riskier financing. With short-term bonds on the capital market, the Bank finances long-term loans.
The stock was before 1 October 2007 listed in Germany in the MDAX. In July 2007, a merger with Hypo Real Estate was negotiated, the per - share Depfa 0,189 own shares and € 6.80 in cash paid. HRE paid a total of EUR 5.2 billion for the purchase of Depfa Bank plc, which because of their remaining mortgage bonds and government bonds was considered at that time as a solid and increased the value of the credit rating agencies for the HRE. The then CEO Gerhard Bruckermann received the sum of € 100 million for its 7 million shares. Shortly after the sale of the shares in Hypo Real Estate HRE also came because of bad securities in which the DEPFA had invested in trouble. Bruckermann sold its shares immediately after the exchange.
Among other things, refinancing difficulties Depfa during the " subprime crisis ", the Hypo Real Estate end of September 2008 brought into trouble, the great sensation among the German public excited in a row and led to the HRE among others high state aid received to their rescue. Depfa Bank plc requires its estimate at the beginning of 2009 about 10 billion euros of direct financial assistance.
According to an edition of the EU Commission Depfa operates no more new business.