I&M Bank is celebrating 5 years of its German Desk, a financial support and solutions programme. Formed through a strategic alliance between I&M Bank and DEG, the German Desk has been providing specialist banking and financial advisory services for German businesses in the East African region and their local business partners.
According to the Bank, the German Desk has provided financial facilities worth more than Ksh. 1.8 billion (USD 16 million) since its establishment. This has enabled investments into German/European technology, as well as relieving working capital constraints for clients’ local subsidiaries and partners.
The recent expansion to Uganda through the acquisition of Orient Bank now gives our German Desk clients more investment opportunities while promoting extended trade flows within East Africa. With I&M Group’s strong footprint in the East African region coupled with its wide array of best-in-class financial services, the Desk has helped complement growth expansion efforts for German companies operating in the region.
Speaking at the celebrations to mark the occasion, Kihara Maina, CEO of I&M Bank said, “The German Desk gives us great pride and over time it has enabled us to develop links with German firms, that at the end of the day is of benefit to the greater Eastern Africa,” said Mr. Maina. “Also, the Desk reinforces the fact that I&M Bank is a one stop financial institution that places the needs of our customers at the forefront of our innovation in the region.”
I&M Bank looks to further enrich the German Desk financial solutions offering and recently has focused its efforts on providing solar energy financing for companies wishing to enter the renewable energy sector. This is a key component in building business synergies between the Kenyan-German business community, as German businesses are keen on promoting sustainability practices. The Bank, through solar energy financing, has been targeting customers keen to invest clean energy generation.