IFSC based Depfa Bank has halted the sale of its German refinancing arm Deutsche Pfandbriefbank because the bids it received were too low.
'None of the bids submitted met Depfa Group's full internal value for the Pfandbriefbank,' Depfa said in a statement. 'A sale was not in the best interests of shareholders.'
Depfa is based in Dublin because taxes are lower than in Germany. The bank lends to governments for budget financing and public infrastructure projects.
