Depfa Bank

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  Depfa Bank plc
logo
Country IrelandIreland Ireland
Seat Dublin
legal form Corporation
ISIN IE0072559994
BIC DPFAIE2DXXX
founding 1922
Website www.depfa.com
Business data 2015
Total assets 36.716 billion
insoles 1.037 billion
Customer credit 6.567 billion
Employee 217 (2014)
management
Board Fiona Flannery ( CEO )

The Depfa Bank plc is a formerly independent bank focusing on the financing of the public sector. From 2007 to December 2014 Depfa was part of Hypo Real Estate . In May 2014 it was decided to wind up the bank.

history

State company for municipal financing

It was founded in 1922 as the state-owned Prussian Landespfandbriefanstalt to finance the construction of small apartments. In 1949 the headquarters moved from Berlin to Wiesbaden . In 1951 the name was changed to Deutsche Pfandbriefanstalt , from which the current name is still derived. From 1954 the bank was a federal corporation under public law . In the 1970s, today's municipal lending business grew stronger. In 1979 DePfa acquired a majority stake in Deutsche Bau- und Bodenbank AG . In 1997/98 an attempt was made to take over DePfa in a hostile manner by the Swiss UBS . In 1998/99, Deutsche Bau- und Bodenbank AG was merged with the "Real Estate Financing" division of Depfa.

privatization

As part of the privatization policy of the Federal Republic of Germany , DEPFA was converted into a stock corporation at the turn of the year 1989/90 and floated on the stock exchange in 1991 for the equivalent of around 275 million euros.

The IPO and the associated broad placement of the shares took place in March 1991. Since 1990, Depfa has no longer worked on the basis of a public mandate, but instead felt (according to its own presentation) as a market and profit-oriented company committed to the shareholder value principle.

Split and takeover of HRE

In 2001 the company was split up into a public finance bank (today's Depfa Bank plc, a public limited company incorporated under Irish law with headquarters in Dublin ) and one from the real estate finance division , the outsourced and listed Aareal Bank . One of the largest financings in the Depfa public sector was that of the Viaduc de Millau . After moving to Ireland, Depfa Inc moves on to riskier financing. The bank finances long-term loans with short-term bonds on the capital market.

Until October 1, 2007, the share was listed in the MDAX in Germany . In July 2007, a merger was negotiated with Hypo Real Estate , which paid 0.189 treasury shares and € 6.80 in cash for each Depfa share. HRE paid a total of 5.2 billion euros for the purchase of Depfa Bank AG. The then chairman of the board, Gerhard Bruckermann, received € 100 million for his 7 million shares. Shortly after the sale of the shares to Hypo Real Estate, HRE ran into difficulties due to poor securities in which DEPFA had invested. Bruckermann sold his shares immediately after the exchange.

Among other things, the refinancing difficulties of Depfa in the wake of the “subprime crisis” brought Hypo Real Estate into difficulties at the end of September 2008, which subsequently caused a stir in the German public and led to HRE u. a. received high levels of government aid to save her. According to an estimate from the beginning of 2009, Depfa Bank plc will need around 10 billion euros in direct financial aid.

According to a requirement of the EU Commission, Depfa no longer conducts any new business.

completion

On May 13, 2014, the steering committee of the SoFFin financial market stabilization fund decided - contrary to the original plan not to sell the bank - to have Depfa's entire lending business worth around 34 billion euros handled by the federally owned bad bank FMS Wertmanagement . The CEO of HRE, Manuela Better , had prepared a sale of Depfa for 320 million euros and resigned in this context. FMS Wertmanagement took over Depfa Bank on December 19, 2014.

Web links

Individual evidence

  1. Entry in the BIC directory at SWIFT
  2. Annual Report 2015
  3. a b Joint press release from FMSA and HRE. Liquidation of Depfa Bank plc. by FMS Wertmanagement. (No longer available online.) Federal Agency for Financial Market Stabilization , May 13, 2014, archived from the original on May 18, 2014 ; Retrieved May 29, 2014 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.fmsa.de
  4. Printed matter on the federal government's draft law to convert Depfa into a stock corporation, September 1988 (PDF; 366 kB)
  5. a b Financial Times Deutschland: "Depfa back to the beginning", February 1, 2009
  6. Stefan Kaiser: What happened to the German scandal banks? In: Spiegel. September 26, 2014, accessed May 16, 2018 .
  7. Antje Schüddemage: Wrong business: Why the HRE became the bankruptcy bank. In: fr-online.de. August 19, 2009. Retrieved May 26, 2018 .
  8. Markus Frühauf: 100 million instead of 102 billion euros. (No longer available online.) In: banking.fazjob.net. March 7, 2009, archived from the original on May 16, 2009 ; accessed on May 16, 2018 .
  9. www.hyporealestate.com ( Memento of the original from March 4, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF file)  @1@ 2Template: Webachiv / IABot / www.hyporealestate.com
  10. ^ Federal government cancels sale of Bad Bank subsidiary Depfa. Handelsblatt , May 13, 2014, accessed on May 29, 2014 .