KfW IPEX-Bank and DEG open representative office in Singapore
Frankfurt am Main (ots)
Today the two KfW subsidiaries KfW IPEX-Bank and DEG will officially launch their new joint representative office in Singapore with a festive reception for clients. In the presence of Germany's ambassador to Singapore, Ms Angelika Viets, and high-ranking industrial leaders, KfW's Executive Board member Dr Norbert Kloppenburg together with Christian K. Murach and Markus Scheer, both members of the Management Board of KfW IPEX-Bank, and Bruno Wenn, Chairman of the Board of Management of DEG, will inaugurate the office in the city-state, which is a commercial and financial hub for the South-East Asian region.
KfW IPEX-Bank and DEG, both wholly owned subsidiaries of KfW, will operate the new representative office together. "The financings offered by the two institutions complement each other very well because the Asian market demands both classic export finance products and instruments for the financing of direct investments. As a German promotional bank, KfW is very active in both areas", said Dr Norbert Kloppenburg, who is not only on KfW's Executive Board but also on the Board of Supervisory Directors of KfW IPEX-Bank and First Deputy Chairman of the Board of Supervisory Directors of DEG.
"Singapore is the most important financial centre in the region and an ideal location for international businesses using the city-state as a gateway to the countries of the ASEAN community and to Australia. Given that Germany is the most important European trade partner of the ASEAN states, we have chosen Singapore as a location from which to provide even better support to German exporters and investors in their activities in the region", said Christian K. Murach. "The new representative office brings DEG closer to its clients. From here it can expand its acquisitions in Asia and network more closely with important multipliers. These include regional banks, funds, auditing firms and law firms", said Bruno Wenn commenting the establishment of the new representative office.
After the regulatory authority in Singapore gave its approval and issued the license, KfW IPEX-Bank and DEG moved into the office and initiated first business operations already at the end of last year. It will be headed by Wolfgang Kassel (KfW IPEX-Bank) and Dr Hubertus Pleister (DEG). With the new office KfW IPEX-Bank now has a branch office in London and nine representative offices around the world (Abu Dhabi, Bangkok, Istanbul, Johannesburg, Moscow, Mumbai, New York, São Paulo and Singapore). DEG is also represented in a number of main-focus regions with twelve offices or representations (Accra, Bangkok, Beijing, Istanbul, Jakarta, Johannesburg, Lima, Moscow, Nairobi, New Delhi, São Paulo and Mexico City). In total, representatives of KfW Bankengruppe work in over 70 cities worldwide.
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to KfW Bankengruppe. Its prime focus is on medium- and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has 531 employees (as of 31 December 2011) and is represented in the key economic and financial centres throughout the globe.
DEG - Our business is developing
DEG, a subsidiary of KfW, finances investments of private companies in developing and transition countries. As one of Europe's largest development finance institutions, it promotes private business structures to contribute to sustainable economic growth and improved living conditions.
Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: thomas.krick@kfw.de
Tel.: 069 7431-8454, Fax: 069 7431-9409,
E-Mail: info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de
Original content of: KfW IPEX-Bank, transmitted by news aktuell