Since 15 February 2016, Commerzbank Finance & Covered Bond S.A. (CFCB) is the new name of Erste Europäische Pfandbrief- und Kommunalkreditbank Aktiengesellschaft in Luxemburg S.A. (EEPK, unrated). CFCB, as a fully-owned subsidiary of Commerzbank, plans to extend its business within the remits of a covered bond bank in Luxembourg, also offering syndicated loans and fiduciary notes. CFCB resulted from the merger of two Luxembourg-based Commerzbank subsidiaries: former EEPK, which held a portfolio of public sector loans, and Hypothekenbank Frankfurt International S.A. (HFI; unrated), a wind-down entity that used to be a subsidiary of Hypothekenbank Frankfurt AG (unrated), containing HF's international public finance portfolio in Luxembourg. Both entities used “Lettres de Gage” (covered bonds) to refinance a large portfolio of public-sector loans.