DEPFA BANK PLC | Introduction
Introduction
International House, 3 Harbourma
Dublin
Ireland
Telephone: +353 1 607 1600
Fax: +353 1 829 0213
Web site: http://www.depfa.com
Public Company
Incorporated: 1922 as Preussische Landespfandbriefanstalt
Employees: 319
Total Assets: $218.36 billion (2003)
Stock Exchanges: Pink Sheets Frankfurt
Ticker Symbols: DPFHF; DEPF
NAIC: 522110 Commercial Banking
DEPFA BANK PLC (Depfa) is one of the world's leading public sector financing banks. Depfa is the result of the 2002 breakup of the former Deutsche Pfandbriefanstalt, owned by the German state, into its two primary operating sectors, public sector finance and property finance—the latter business, focused on the German market, was renamed Aareal. Following the split Depfa refocused its operation—including its registration and headquarters—to the International Financial Services Centre in tax-friendly Dublin, Ireland. The move also has permitted Depfa to shift its operations away from its core Pfandbriefe (Germany's asset-covered securities, or ACS) market to become a heavyweight in the international ACS market. As such, Depfa provides a range of financial products for the public sector, including financing for infrastructure projects, budget financing, and government investment banking needs. Depfa's embrace of the international market has enabled the company to reduce its reliance on the German market. Indeed, the company's primary market is now the United Kingdom, at 45 percent of revenues; Europe continues to generate 70 percent of the bank's business. Since the mid-2000s, Depfa has targeted the United States for growth and expects its U.S. operations to reach the size of its European business before the end of the decade. Depfa is also active in Japan and Hong Kong. The bank operates branches in Paris, Rome, Tokyo, and London, and representative offices in Madrid, Copenhagen, New York, Chicago, and San Francisco. In 2004 the bank's total assets reached more than $218 billion.