AUSTRIAN BAWAG to purchase DEPFA

As reported this week by The Irish Times, the Austrian bank BAWAG has sought to purchase Dublin-headquarted Depfa. Depfa was a successful German-owned bank before the 2007 financial crisis eventually put it under German state ownership, with a heavy contraction of assets. The bank still has nearly 100 employees, mainly based in Dublin. BAWAG is the third largest lender in Austria with headquarters in Vienna. The purchase, for an undisclosed sum, is now subject to regulatory approval before finalising.