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Germany’s state-owned lender Hypo Real Estate has launched the sale of its German subsidiary Deutsche Pfandbriefbank (PBB).
The move is aimed at the re-privatisation of PBB. Simultaneously, preparation for an IPO is going on as an alternative option for re-privatisation.
PBB’s co-CEO and CFO Andreas Arndt said, "We are embarking upon re-privatisation, against the background of a very positive performance over recent years, solid results for 2014, and an outstanding position on the credit and capital markets."
HRE is eyeing up to 100% of stake sale in PBB, to fulfill a condition imposed by the European Commission in mid-2011.
HRE has hired Citigroup and Deutsche Bank as financial advisors for the sales process.