The Municipal Capital Markets Division of
has been acquired by
Financial advisor to First Albany Companies
DEPFA BANK has completed its acquisition of the US Municipal Capital Markets Group of former First Albany Capital, Inc.
September 17, 2007 (New York / Dublin / Frankfurt) - DEPFA BANK Plc ('DEPFA') announced today the completion of the acquisition of the US Municipal Capital Markets Group of former First Albany Capital, Inc. ('FAC') by DEPFA’s wholly-owned US broker-dealer subsidiary which will operate under the re-branded name DEPFA First Albany Securities LLC ('DEPFA First Albany'). The acquisition has been consummated following receipt of the requisite regulatory approvals and is effective September 14, 2007.
As part of the asset acquisition, DEPFA First Albany acquired rights to the First Albany name. This acquisition allows DEPFA to significantly strengthen its US franchise through the addition of municipal underwriting, sales, trading and financial advisory services through a total of eleven DEPFA First Albany office locations in the US. The acquisition also adds approximately 800 issuer clients and more than 400 investor clients to DEPFA’s client base.
DEPFA First Albany’s US operations are headquartered in New York City, New York. DEPFA First Albany will be operated under the leadership of Ken Gibbs, former Head of FAC’s Municipal Capital Markets Group, who has also assumed responsibility for DEPFA’s Client Relationship Management in the Americas. 'We have expanded the scope and reach of our business which should seamlessly translate into better solutions for clients. We have the opportunity to accomplish something unique in the municipal market and we intend to do so,' Ken Gibbs commented.
The transaction takes the form of an asset purchase with goodwill of approximately USD 12 million. In addition, EPFA First Albany has purchased FAC’s municipal bond inventory.