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KfW IPEX-Bank celebrates the official opening of its representative office in Abu Dhabi
Frankfurt am Main (ots) - KfW IPEX-Bank officially opened its new representative office in Abu Dhabi on 28 November 2010. With this step the bank emphasizes the great importance of the region and at the same time expands its network of international locations. In the presence of the Senior Executive Director of the Central Bank of the United Arab Emirates, Mr Saeed Abdullah Al Hamiz, and the German Ambassador, Mr Klaus-Peter Brandes, Dr Norbert Kloppenburg, Member of the Executive Board of KfW Bankengruppe and Christian K Murach and Markus Scheer, both Members of the Managing Board of KfW IPEX-Bank opened the office in Abu Dhabi.
"The Gulf region has traditionally been an important sales market for the German plant engineering and construction industry. Thus the representative office is a key element in fulfilling our mission of supporting the German and European export industry", said Markus Scheer, Managing Director of KfW IPEX-Bank about the reasons for establishing this new representative office.
After the Central Bank of the United Arab Emirates had granted approval and issued the Representative Office Licence, the office took up its work already at the beginning of the year. It is headed by Mr Klaus Sander.
In addition to the London Branch Office, KfW IPEX-Bank now maintains nine representative offices worldwide including the one in Abu Dhabi. "KfW is a German promotional bank, which also conducts international business in the framework of German Financial Cooperation and to support the German export industry. Because we are an international project and export finance institution, the presence in our clients' local target markets is extremely important for us. For this reason we are present with our branch offices and representations in the regions most important for the export industry", Dr Norbert Kloppenburg explains the strategy. Besides his function as Member of the Executive Board of KfW Bankengruppe, Dr Kloppenburg is also the Chairman of the Board of Supervisory Directors of KfW IPEX-Bank GmbH.
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 approx. 521 employees (as of 31 December 2009) and is represented in the key economic and financial centres around the globe.
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
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