Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Hypo Real Estate Starts Sale of Depfa to Meet EU Conditions

Hypo Real Estate Holding AG, the German lender bailed out during the financial crisis, said it will begin the sale of its Dublin-based Depfa Bank Plc unit.

The lender opened a public tender offer for Depfa and called for bids by 12 p.m. local time, Sept. 12, Munich-based Hypo Real Estate said in a statement today. No transaction is anticipated before early 2014, the company said.

Hypo Real Estate received European Union approval in 2011 for a bailout as Germany injected 10 billion euros ($13.4 billion) of capital to save it from collapse after Depfa couldn’t raise financing following the bankruptcy of Lehman Brothers Holdings Inc. in 2008.

“In the course of the last year, operations have been stabilized and portfolio risks were significantly reduced,” Hypo Real Estate said in the statement.

As part of the restructuring agreement with the EU, Hypo Real Estate Chief Executive Officer Manuela Better has to sell the Depfa unit, which is closed to new business, by the end of

2014. As of June 30, Depfa held a core public sector finance portfolio of 40 billion euros, with secured instruments accounting for about 80 percent of the funding.

Better also needs to find a buyer for pbb Deutsche Pfandbriefbank, which combines most of the continued business of Hypo Real Estate by the end of 2015.

The state and financial institutions also provided Hypo Real Estate with credit lines and debt guarantees of as much as 142 billion euros.

Hypo Real Estate, which is fully owned by the German government since its bailout, transferred about 176 billion euros of assets in 2010 to the FMS Wertmanagement, the bad bank that’s winding down the portfolio.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.