Leading German bank DePfa announced today it is to put its European headquarters in Dublin following the split of Depfa Group into two independent, separately listed banking groups.
The bank, which provides financial services to public-sector authorities worldwide, employs 70 people at its Irish subsidiary in the IFSC in Dublin.
DePfa-Bank serves about 2,000 clients worldwide, mainly in Europe, North America and Japan.
Recently the bank provided $55 million credit facility to the city of Marseilles and a £300 million loan to refurbish Glasgow secondary schools in a Private Finance Initiative deal between the city council and private construction companies.
Managing director of DePfa-Bank Europe Mr Dermot Cahillane said: "The choice of Dublin as the new head office of DePfa Bank goes much further than mere fiscal considerations. DePfa has strong ties to Ireland that go back to 1993 with the establishment of DePfa-Bank Europe".
"With approximately €45 billion in assets [at end 2001] DePfa-Bank Europe has grown into a central pillar of DepFa's international public finance activities and ranks as Ireland's third-largest bank".
