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Report: Germany's FMS Wertmanagement hires Barclays to find buyer for Depfa Bank

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Report: Germany's FMS Wertmanagement hires Barclays to find buyer for Depfa Bank

German bad bank FMS Wertmanagement AöR has mandated Barclays to search for a potential buyer for Ireland-based Depfa Bank PLC, people close to the matter told Reuters.

The Irish lender has a book value of roughly €900 million and could be valued at between 0.6x and 0.8x that in a potential transaction, the sources said. FMS is likely to gauge interest in Depfa Bank from German lender Landesbank Hessen-Thüringen Girozentrale, Kommunalkredit Austria AG and private equity firms that can make use of its capital basis, according to the report.

FMS, which acquired Depfa Bank in 2014, has been trying to dispose of the lender for some time, but potential plans never materialized. FMS reportedly said it expects to find a buyer for the bank in 2020.

The Dublin-based lender reported a pretax loss of €67 million for the first six months, while its total assets stood at €14.4 billion at the end of June.