Deutsche Pfandbriefbank AG (pbb) plans a listing in the Prime Standard segment of the Frankfurt Stock Exchange (FWB). Subject to market conditions, the IPO is scheduled to take place during July 2015.
The bank's sole shareholder, Hypo Real Estate Holding AG (HRE) will not pursue the alternative sale of pbb via a tender process for the time being. The decision for pbb's planned flotation was taken on the basis of resolutions passed by the respective executive bodies of HRE and pbb and with the approval of the German Financial Markets Stabilisation Agency (FMSA) as well as the Interministerial Steering Committee. The Interministerial Steering Committee adopts material decisions concerning the measures taken by the German Financial Markets Stabilisation Fund (FMS) - HRE's owner - which is managed by FMSA.
Within the scope of the planned IPO, a minimum stake of 75.1% of the share capital is planned to be placed, with the Federal Republic of Germany – indirectly via HRE - holding a minimum 20% stake in pbb (via HRE) for a two-year period based on a respective lock up commitment. pbb will redeem FMS's € 1 bln silent participation within the framework of the IPO.
Source: pbb Deutsche Pfandbriefbank