Archive 2007 Press-/Ad-hoc Publications

DEPFA BANK has completed its acquisition of the US Municipal Capital Markets Group of former First Albany Capital, Inc.

Press and Investor Relations Release

New York/Dublin/Frankfurt, September 17, 2007.

DEPFA BANK plc (“DEPFA”) announced today the completion of the acquisition of the US Municipal Capital Markets Group of former First Albany Capital, Inc. (“FAC”) by DEPFA’s wholly-owned US broker-dealer subsidiary which will operate under the re-branded name DEPFA First Albany Securities LLC (“DEPFA First Albany”). The acquisition has been consummated following receipt of the requisite regulatory approvals and is effective September 14, 2007.

As part of the asset acquisition, DEPFA First Albany acquired rights to the First Albany name. This acquisition allows DEPFA to significantly strengthen its US franchise through the addition of municipal underwriting, sales, trading and financial advisory services through a total of eleven DEPFA First Albany office locations in the US. The acquisition also adds approximately 800 issuer clients and more than 400 investor clients to DEPFA’s client base.

DEPFA First Albany’s US operations are headquartered in New York City, New York. DEPFA First Albany will be operated under the leadership of Ken Gibbs, former Head of FAC’s Municipal Capital Markets Group, who has also assumed responsibility for DEPFA’s Client Relationship Management in the Americas. “We have expanded the scope and reach of our business which should seamlessly translate into better solutions for clients.  We have the opportunity to accomplish something unique in the municipal market and we intend to do so,” Ken Gibbs commented.

The transaction takes the form of an asset purchase with goodwill of approximately USD 12 million. In addition, DEPFA First Albany has purchased FAC’s municipal bond inventory.

Company profile:
DEPFA BANK plc is a leading provider of financial services to public sector clients worldwide. It is a Dublin-based public limited company, incorporated under Irish law, with a network of subsidiaries and branch offices across Europe, as well as in the Americas and Asia. DEPFA’s public finance capabilities cover a full spectrum of products and services, and are targeted at clients across all levels of the public sector. DEPFA finds optimal solutions to its clients’ specific needs and requirements, whether they be related to budget financing or funding of public infrastructure projects, advising on the rating process associated with the privatisation of public services, debt restructuring, supporting bond placements or extending credit lines. Its committed focus on the public sector and extensive experience with the financial, political and social requirements involved makes DEPFA both a strong financial partner and an independent advisor to its global client base.
 

Media Relations
Patrik Fischer
Phone +49 69 92882 257
patrik.fischer@depfa.com

Investor Relations
Marc Towner
Phone: +353 1 792 2084
marc.towner@depfa.com