KfW aquires 33,2% Stake in IKB
Strategic Alliance for long-term SME Financing

    Frankfurt am Main (ots) - Kreditanstalt für Wiederaufbau (KfW)
will purchase the shares in IKB Deutsche Industriebank AG held by
Allianz AG and by the Münchener Rück Group of 19.8% and 13.4%,
respectively. In so doing, Germany's leading promotional bank is
carrying on with its commitment to securing access to long-term
financing for small and medium-sized enterprises. "Traditionally both
KfW and IKB have always been committed to the SME sector in Germany",
said Chairman of KfW's Board of Managing Directors Hans W. Reich on
Monday in Frankfurt. "Together we are now creating new perspectives
for corporate financing in Germany."
    In view of the profound change in the international and national
banking sector, in the past twelve months KfW has already initiated
important steps to secure funds for SMEs: both publicly and in
discussions with banks and politicians the bank is pushing for a new
Basel Capital Accord (Basel II) that will favour small and
medium-sized enterprises. Additionally, KfW's innovative
securitization programmes offer the commercial banks relief by
reducing the amount of equity they need to back their lendings,
creating room for new SME loans. The promotional bank has also
expanded its range of financial offers by adding global loans. "The
stake in IKB is directly in line with this strategy", emphasized
Reich. "By acquiring 33.2% of the IKB shares, we are adding an
essential building block to our commitment to ensuring SME financing
in the long term. In this way we can ensure not only the financing
products and the overall conditions but also the distribution channel
for long-term financing, which is vital to the existence of SMEs in
    The stake in IKB gives KfW the chance to expand the current
cooperation between the two banks into a strategic alliance for the
SME sector - for instance in the areas of company succession, equity
/ fund financing or for the joint syndication of project finance.
    A further goal is to successfully deepen the cooperation between
KfW and IKB as regards the securitization of SME credit risks. Their
cooperation in this field began with the very first transaction in
November 2001.
    The alliance with IKB will be competitively neutral, meaning that
all transactions will be carried out at arm's length. As has been the
case in the past, IKB will continue to receive the same refinancing
conditions as all other banks in KfW's promotional lending business.
The on-lending principle practiced by KfW will not change. The
business policy orientation of IKB will be maintained. What will
change for both institutions is the possibility to cooperate more
closely in many business areas.
    Since its foundation in 1949 IKB has been a key source of impulses
and an important sales partner for KfW's promotional products. The
industrial bank, whose head office is in Düsseldorf, has a total of
twelve office bases in Germany and abroad. It is a partner for
established SMEs and young innovative companies as well as for
commercial real estate investors. IKB's balance sheet total as of
March 31, 2001 was EUR 32.4 billion.
ots Originaltext: KfW
Internet: http://www.presseportal.de

Kreditanstalt für Wiederaufbau
Palmengartenstr. 5-9
60325 Frankfurt
Abt. Unternehmenskommunikation
Verantwortlich: Dr. Matthias Fritton

Press Dept: Nathalie Drücke, Sonja Contzen, Verena Tobeck, Christine
Volk,  Phone: (069) 7431-4400
Fax: (069) 7431-3266

For further information please contact:
Matthias Fritton
Tel.: (069) 7431-2687
E-Mail: matthias.friton@kfw.de

Original-Content von: KfW, übermittelt durch news aktuell

Weitere Meldungen: KfW

Das könnte Sie auch interessieren: