VIENNA: Austrian lender Bawag Group AG agreed to buy Depfa Bank Plc, adding a business with low credit risk and a relatively safe run-off portfolio after Germany scaled back its balance sheet since nationalising it during the financial crisis. The Vienna-based lender will continue the orderly wind-down of Depfa, which is being sold by FMS Wertmanagement, Germany’s state-owned bad bank, according to a statement. Depfa is the former Irish unit of Hypo Real Estate Holding AG and up until 2009 was focused on issuing public sector covered bonds. The purchase price wasn’t disclosed in the statement. Bawag is paying more than 320 million euros (US$388mil) for Depfa, a person familiar with the matter said, asking not to be identified because the information is private. That’s more than FMS would have received when it tried to sell Depfa for the first time in 2014.