I&M Bank Ltd and DEG offer new service for German business
I&M Bank Ltd and DEG offer new service for German business
Press Release
Nairobi, 21st June 2017: Banking solutions provider, I&M Bank has secured a crucial deal to provide strategic services to German private sector companies who have established their operations in the East Africa region or plan to penetrate into this market.
Together with DEG - Deutsche Investitions – und Entwicklungsgesellschaft mbH) (the German Development Finance Institution) and the Delegation of German Industry and Commerce I&M Bank will create a German Desk - Financial Support and Solutions providing specialist banking and financial advisory services for German businesses exporting to East Africa and/or, seeking to set up shop in the region. This is a first of its kind partnership between an African bank and DEG and is second worldwide after Peru.
Speaking when he confirmed the sealing of the strategic partnership, I&M Bank Kenya Chief Executive Officer Mr. Kihara Maina said the bank is moving to establish a dedicated German Desk - Financial Support and Solutions at some of its key branches in Nairobi, Mombasa and Kigali among other cities.
The new service, Kihara confirmed, will be manned by highly experienced banking Executives, proficient in the local and German banking regulations and language.
Based on its institutional capacity, Kihara added that the Bank will leverage on its geographical spread, branch network and customer base to provide a credible channel for exchange of German and/or Kenyan goods and services.
The German Desk will also serve as a one-stop shop in the provision of all banking services that include banking account, provision of short to medium facilities, trade finance and transaction banking services and other requisite financing needs of companies being engaged in German-Kenyan business activities.
“At I&M Bank, our clients from Germany will enjoy a seamless, home away from home banking and finance experience, ,” Kihara said, adding that, “We are proud to make continental banking history as the first Bank in Africa to host a fully-fledged German Desk as part of our commitment to improve banking services in this market.”
"I&M Bank is a long-term partner of DEG. Through this new cooperation German companies can get financial services from a single source and make direct use of the partners' network on location," said Christiane Laibach, member of DEG's Management Board.
Ms. Maren Diale, Country Director of the Delegation of German Industry and Commerce added, “We are delighted that with the German Desk the opportunities for financing for local companies are expended. This is crucial for fostering the further industrialization of the region. German technology will hopefully be thus easier to acquire for local companies – another great step forward in our bilateral business relations.”
In the local banking scene, institutional banking and sovereign nations banking desks are gaining popularity as key business drivers. Several local banks have established China Banking desks providing solutions to Chinese concerns operating in this market.
With the new partnership, I&M Bank and DEG will consolidate their business partnership and also further enhance the already strong relationship between Kenya and Germany.
The German Desk will endeavor to create financing solutions for investments of Kenya and other surrounding countries private sector companies wishing to acquire German equipment and/or services or their export activities.
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NOTES TO THE EDITOR
About I&M Bank Ltd
I&M Bank is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client and Personal banking services.
I&M Bank is wholly owned by I&M Holdings Limited which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be the Corporate and Premium Client Banking powerhouse in East Africa through provision of innovative and market driven banking solutions for its target segments.
About DEG
For 55 years DEG has been a reliable partner to private-sector enterprises operating in developing and emerging-market countries. We provide our customers with tailor-made solutions, including financing, promotional programmes and advice tailored to individual needs. They can thus develop successfully and sustainably, while generating local added value and creating qualified jobs. With our portfolio of around EUR 8.6 billion in over 80 countries we’re one of the world’s largest private-sector development financiers. Learn more: www.deginvest.de
