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.
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.