The split that formed DEPFA Bank also halved its capital base. It turned to the hybrid capital market in the search for new opportunities, hiring ABN AMRO to joint-lead manage a E300m deal that demonstrated a groundswell of retail demand.

By the mid-1990s, it was clear that the framework of the German Mortgage Bank Act had become too restrictive for the ongoing development of DEPFA’s public finance and property activities. A proposal was tabled in 2001 to split the group into two specialist banks, a public finance bank headquartered in Dublin (DEPFA Bank) and Aareal Bank, a German-based property bank. DEPFA Bank is today a leading global provider of financial services to public sector clients, from budget-related financing to the funding of infrastructure projects and investment banking solutions for public sector authorities.

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