Depfa originally initiated the sale process of its Pfandbriefbank in March 2004. However, despite being on the market for over a year, Depfa said that none of the bids submitted matched the full internal value for the Pfandbriefbank.
Depfa’s board therefore concluded that a sale was not in the best interests of shareholders. As a result, Depfa, which is Europe’s second-largest provider of public finance, stated that it would continue to develop its business with German clients from its branch in Frankfurt.
Having enjoyed a strong financial performance in 2004, Depfa expects ongoing product diversification and its geographic expansion to enable it to achieve a group net profit of up to E600 million in 2006.
