In August 2013, Hypo Real Estate Holding AG (HRE Holding) began the process of selling its subsidiary DEPFA Group. A decision was made by the Federal Republic of Germany’s inter-ministerial steering committee in May 2014 not to privatise DEPFA Group but to transfer it to FMS Wertmanagement AöR (FMS-WM), the German government’s winding-up institution for the nationalised HRE Holding AG.

On 19 December 2014, FMS-WM acquired 100% of the shares in Irish bank DEPFA and quickly established a new DEPFA management team who rolled out a targeted business plan focusing on preserving capital and winding down the balance sheet of the Group in a manner designed to maintain value. On 14 July FMS-WM announced a public sale tender to sell 100% of the shares in DEPFA BANK plc in an open, transparent and competitive auction sale process. Following the completion of the public sale tender, FMS-WM announced on 15 February that is was selling its 100% investment in DEPFA BANK plc to Austria’s WAWAG P.S.K.

On 19 November 2021, BAWAG P.S.K. AG acquired 100% of the shares in Irish bank DEPFA BANK plc, and its subsidiary DEPFA ACS Bank DAC, from FMS-WM and will continue the DEPFA business model of preserving capital and winding down its portfolio in a manner designed to maintain value. As an independent bank, DEPFA is regulated by the Central Bank of Ireland and subject to Irish banking and supervisory law.

BAWAG P.S.K. AG is a publicly listed holding company headquartered in Vienna, Austria, serving 2.3 million retail, small business, corporate and public sector customers across Austria, Germany, Switzerland, Netherlands and other developed markets. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services.

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