I&M Bank will have dedicated German desks in a number of its branches across regional cities such as Nairobi, Kigali and Mombasa, manned by experienced banking executives proficient in local and German banking regulations and language.
I&M Bank Kenya and German development finance institution DEG have set up a new unit to provide specialist banking and advisory services to German businesses looking to trade in the region.
The bank says that it will have dedicated German desks in a number of its branches across regional cities such as Nairobi, Kigali and Mombasa, manned by experienced banking executives proficient in local and German banking regulations and language.
This is a first of its kind partnership between an African bank and DEG and is second worldwide after Peru.
“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.
The desk will provide services such as provision of short to medium facilities, trade finance and transaction banking services for companies engaged in German-Kenyan business activities.
The desk is also expected to assist Kenyan companies looking to acquire German equipment and services especially targeting those in the export business.
DEG was also a significant shareholder in I&M Bank between 2007 and October last year when it exited the investment after selling off the 10.68 per cent stake.
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