Frankfurt / Main (dpa) – More than a decade after the collapse of the Munich scandal bank Hypo Real Estate (HRE), the federal government is closing a successful chapter in crisis management: The financial market stabilization fund will sell its last shares in the successor institution, the Deutsche Pfandbriefbank (pbb). The Federal Finance Agency announced on Thursday in Frankfurt.
The federal government had forcibly nationalized HRE in 2009 and divided it into two parts in order to avert the bank’s bankruptcy. Bad Bank FMS Wertmanagement was founded to deal with the bad papers in the HRE portfolio, which were then unsaleable. The Pfandbriefbank, as the second successor institution, took over the healthy parts of the HRE portfolio and has since been active as a specialist bank for real estate financing without crises. “With this positive balance, the mandate of the federal government ends and the bank is completely in private hands again,” said Finance Agency managing director Jutta Dönges.
The federal government was initially one hundred percent owner of the Pfandbriefbank. The IPO followed in 2015, reducing the state’s share to 20 percent. In 2018, the federal government sold a further 16.5 percent, the remaining small share of 3.5 percent is now to be gradually sold on the stock exchange. The state bad bank FMS continues to work on the settlement of the HRE contaminated sites.
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