I&M Bank Completes Set-up of German Desk in Kenya

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.

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.

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.”