Depfa Bank, which has its headquarters in the IFSC in Dublin, is looking to further strong growth this year in existing and new markets, according to Mr Gerhard Bruckermann, its chairman and chief executive.

The bank, which specialises in funding and advising on public sector projects, is projecting net profits of up to €300 million this year, compared to €236 million in 2002. Depfa Bank was formed after the reorganisation of the German-owned Depfa Group last year. The bank, which finances public sector authorities by underwriting or placing bond issues, held its first annual general meeting in Dublin yesterday.

After the meeting, Mr Bruckermann said that the bank's strategy was to stay as a specialist provider to the public sector market, targeting growth in western Europe - currently its biggest markets are in Germany, Italy, Spain and France - as well as in the accession countries, the US and the Far East, where a recent office in Hong Kong will target markets outside Japan.

The poor state of public sector finances in many countries and the introduction of public/private partnerships provide opportunities for the bank, according to Mr Bruckermann, as did the introduction of new products in areas such as interest rate management.

Depfa Bank now has balance sheet assets of 150 billion and employs 120 people in Dublin, out of a total of 320 worldwide staff. About 60 per cent of its shares - which are quoted in Frankfurt - are German-owned.