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 (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. This is a first of its kind partnership between an African bank and DEG and is second worldwide after Peru.
I&M Bank Kenya CEO Kihara Maina said the bank is moving to establish a dedicated German Desk at some of its key branches in Nairobi, Mombasa and Kigali among other cities. The new service will be provided by highly experienced banking executives, proficient in the local and German banking regulations and language.
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Mr 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.
“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.
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Ms Maren Diale, Country Director of the Delegation of German Industry and Commerce said the partnership is crucial for fostering industrialization in the region. “German technology will hopefully be thus easier to acquire for local companies – another great step forward in our bilateral business relations,” she said.
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.