I&M Bank Now Opens the German Desk – Financial Support and Solutions in Kenya
I&M Bank Now Opens the German Desk – Financial Support and Solutions in Kenya
Press Release
- Financing and advice for medium-sized companies
- Cooperation of DEG, DIHK/AHK and I&M Bank
- German Desks to follow in Nigeria and Indonesia
Nairobi, 29th September 2017: Banking solutions provider, I&M Bank has completed the set-up of the German Desk – Financial Support and Solutions, aimed at providing specialist banking and financial advisory services for tens of German businesses operating and seeking to set up shop in the East African region.
The development formed through a strategic alliance between I&M Bank and DEG Deutsche Investitions- und Entwicklungsgesellschaft mbH, in cooperation with the Delegation of German Industry and Commerce in Nairobi (AHK), aims at giving targeted support to medium-sized German enterprises and their local customers in East Africa. The initiative is also supported by the Federal Ministry for Economic Cooperation and Development (BMZ).
The range of services offered by the German Desk – Financial Support and Solutions encompasses financial services from account creation to loan provision through to trade financing for local companies wishing to acquire German facilities or services.
The German Desk – Financial Support and Solutions in Kenya is the second in the world after Peru. Other German Desks in Nigeria and Indonesia are set to be opened in the course of the year.
The I&M Bank Desk will look to service over 80 German Companies in the region and will be a critical ingredient in consolidating the growing business relationship between the Bank and DEG.
Commenting on the development, Kihara Maina, CEO I&M Bank Kenya, stated, “This strategic alliance aimed at setting up the German Desk further enhances I&M Bank’s aspiration on becoming the banking powerhouse in East Africa for medium to large businesses and premium clients.”
To further enhance bilateral business relations, the I&M Bank German Desk will also explore opportunities geared at deepening the Kenyan-German business in cooperation with DEG, the Delegation of German Industry and Commerce in Kenya, the Kenyan-German Business Association and the German Embassy in Kenya.
“Through I&M Bank’s robust presence in the region and a wide array of top notch financial services, we believe that the German Desk will complement growth expansion efforts for German companies operating in the region,” Kihara Maina reiterated
Bruno Wenn, Chairman of DEG Management Board further noted, “Jointly with the I&M Bank, a longstanding DEG customer, and AHK, we are offering German companies and their trading partners suitable financing solutions tailored to their needs within the scope of the German Desk. The enterprises are able to make use of the comprehensive network of cooperation partners locally and further expand their business relationships.
” Speaking at the launch event, Dr. Volker Treier, Foreign Trade Chief Executive of the Association of German Chambers of Commerce (DIHK), concluded, “These financial services complement the portfolio of the German Chambers of Commerce (AHKs), which promotes business relations on an equal footing by networking companies from Germany and from host countries with each other. Our aim is to make a further contribution towards stable economic development in Kenya.” The DIHK coordinates the AHK network worldwide with 130 locations in 90 countries.
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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 banking powerhouse in East Africa for middle to large and premium clients through provision of innovative and market driven banking solutions for its target segments.
