Depfa agrees €5.6bn takeover

DEPFA, the IFSC-headquartered lender, has agreed to a €5.6 billion takeover by Hypo Real Estate (HRE).

Depfa, a German bank, is based in the IFSC for tax purposes. It set up its corporate head office in Dublin in 2002 and specialises in lending to local authorities and financing public infrastructure projects.

Its board of directors includes former Central Bank governor Maurice O’Connell. It employs around 200 people in Ireland.