VIENNA: Austrian lender Bawag Group AG agreed to buy Depfa Bank Plc, adding a business with low credit risk and a relatively safe run-off portfolio after Germany scaled back its balance sheet since nationalising it during the financial crisis.
The Vienna-based lender will continue the orderly wind-down of Depfa, which is being sold by FMS Wertmanagement, Germany’s state-owned bad bank, according to a statement. Depfa is the former Irish unit of Hypo Real Estate Holding AG and up until 2009 was focused on issuing public sector covered bonds.
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