Hypo Real Estate (HRE) has taken steps to merge its two Pfandbrief banks - Hypo Real Estate Bank, Munich and DEPFA Deutsche Pfandbriefbank, Eschborn - following approval in early June from the AGMs of both companies. This week, the troubled bank made an official request for the merger at the commercial register in Frankfurt.
Hypo Real Estate (HRE) has taken steps to merge its two Pfandbrief banks - Hypo Real Estate Bank, Munich and DEPFA Deutsche Pfandbriefbank, Eschborn - following approval in early June from the AGMs of both companies. This week, the troubled bank made an official request for the merger at the commercial register in Frankfurt.
The merger will become effective with the corresponding entry in the Munich commercial register. The new entity will become operational under a new name in the foreseeable future, the bank said.
HRE is currently re-aligning itself as a specialist bank for real estate and public finance. One element of this re-alignment is the simplification and integration of the group structures. Already in November 2008 Hypo Real Estate merged its two real estate entities, Hypo Real Estate Bank International and Hypo Real Estate Bank with retroactive effect from 1 January 2008.
