Business Irish

Monday 27 January 2020

Over 10 indicative bids for remains of Depfa Bank

The IFSC-based
Depfa once
employed 300
people in the
Commons St
operation in
Dublin and was
seen as a great
addition to the
Irish banking
sector
The IFSC-based Depfa once employed 300 people in the Commons St operation in Dublin and was seen as a great addition to the Irish banking sector

Thomas Molloy

THERE have been more than 10 indicative bids for the remains of Dublin-based Depfa Bank, according to reports.

Bidders, mainly private equity firms, will be asked to pitch second-round offers next month, according to newswire Bloomberg.

The Financial Times reported last month that Lone Star Funds, Apollo Global Management, TPG Capital and Bain Capital had expressed an interested in the business.

The collapse of Depfa Bank was the biggest failure in Irish banking history - dwarfing the failure of Anglo Irish. The bank’s ultimate owner was a German company so the German taxpayer picked up the tab although Depfa was based in Dublin and regulated here.

The collapse of Depfa forced the German government to inject money into Munich-based Hypo Real Estate in 2011.

Bloomberg reported that Walter Allwicher, a spokesman for Hypo Real Estate, said the company is evaluating the indicative offers.

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