BAWAG, a publicly listed holding company headquartered in Vienna, Austria, agreed to acquire DEPFA BANK, an Irish bank, from the German Financial Market Stabilisation Fund-backed FMS Wertmanagement, the German Federal government's winding-up institution. Financial terms were not disclosed. “It was the interplay of efficiency improvements at DEPFA as well as some highly complex financial transactions between FMS-WM, DEPFA and third parties. The bottom line is that the sale marks what is a successful conclusion to the winding-up of DEPFA, also from the perspective of the German taxpayer,” Christoph Müller, FMS-WM Spokesman of the Executive Board.