I&M lends 1.8 billion shillings to German companies

0

Companies

I&M lends 1.8 billion shillings to German companies


I&M Bank branch in Nyeri. FILE PHOTO | NMG

Summary

  • The bank’s German Desk was created through a partnership with the German public fund DEG.
  • So far, 34 companies have benefited from the credit facilities while more than 30 expatriates have had access to financial services such as insurance, investment services and wealth management.
  • The bank is among several institutions in Africa that have partnered with DEG to facilitate the entry and expansion of German companies in Africa.
  • Banks have created specialized offices to cater to new customers, including Chinese companies.

I&M Bank has lent a cumulative amount of $16 million (1.8 billion shillings) to German companies over the past five years, representing its financing of multinationals and their partners in the local and regional market.

The bank’s German Desk was created through a partnership with the German public fund DEG.

So far, 34 companies have benefited from the credit facilities while more than 30 expatriates have had access to financial services such as insurance, investment services and wealth management.

“The German Desk makes us very proud and over time it has enabled us to develop links with German companies, which ultimately benefits greater East Africa,” said the director. General of I&M, Kihara Maina.

“Furthermore, the Desk reinforces that I&M Bank is a one-stop-shop financial institution that puts the needs of our customers at the forefront of our innovation in the region.”

The bank is among several institutions in Africa that have partnered with DEG to facilitate the entry and expansion of German companies in Africa.

Other German offices are in Accra (Ghana), Dhaka (Bangladesh), Ho Chi Minh City (Vietman), Jakarta (Indonesia), Lagos (Nigeria) and Lima (Peru).

“The service is available to German SMEs and their local business partners,” DEG says of the offices.

“The special needs of German companies and their local partners are handled in the office by a bank employee who works in both languages ​​and cultures.”

The range of services includes account opening, trade finance, transaction banking, credit facilities or investment financing for local companies wishing to acquire German equipment, for example.

According to DEG, the offices aim to bridge cultural and linguistic gaps and establish a close link between the local bank, the local business community, German chambers of commerce abroad and the fund’s representative office on the ground.

It also aims to serve as a bridge for financing solutions that the DEG itself could not offer on site. Banks have created specialized offices to cater to new customers, including Chinese companies.

[email protected]

Share.

About Author

Comments are closed.