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KfW and ING-DiBa conclude second joint global loan transaction EUR 300 million to finance private homebuilding
Frankfurt (ots) - Today in Frankfurt ING-DiBa AG and KfW Förderbank signed a contract for a global loan in the housing sector in the amount of EUR 300 million. The global loan provides ING-DiBa with KfW financing at favourable conditions, with the resultant advantages being passed on to the homebuilders. The funds will be made available through the global loan to private individuals planning to purchase or build their own home. They will also enable owners of a house or flat to finance renovation or modernisation work.
"This new global loan shows that ING-DiBA continues to play a leading role in private real estate finance", said Ben Tellings, CEO of ING-DiBa.
"We are pleased to have concluded a second global loan with ING-DiBa", said Dr Ulrich Schröder, CEO of KfW Bankengruppe. "With this global loan for home construction we are supporting private homebuilders. Since orders for this type of work typically go to local small and medium-sized construction firms and craftsmen, the generated demand will also benefit the SME sector. In this way, local jobs can be created or safeguarded. As a result, not only private homebuilders but also SMEs will benefit from the favourable refinancing conditions we as a promotional bank can offer".
The global loan is one of KfW Bankengruppe's promotional products available to all credit institutions and comes in two variants - for private housing construction and for SMEs. The KfW funds are typically paid out to the commercial banks in various tranches, which the banks then use to extend bespoke loans to individual borrowers. Since the loan structures can be agreed freely, the global loan offers both banks and their customers broad, flexible scope for action. At the same time, the global loans are easy for the banks to handle. Apart from cooperation in KfW's housing finance programmes, the global loan concluded today marks the second joint transaction by ING-DiBa and KfW in this field, with the first global loan contract for EUR 500 million having been signed in December 2006. These funds were fully used to finance private homebuilding.
ING-DiBa Dr Ulrich Ott Phone: +49 (0)69 27 222 66233 E-mail: email@example.com www.ing-diba.de/presse
KfW Bankengruppe Nathalie Drücke Phone: +49 (0)69 7431-2098 E-mail: firstname.lastname@example.org www.kfw.de