Mid-tier I&M Bank has landed a deal to provide strategic services to German private sector companies with operations in East Africa or those planning to set up shop.
The lender has signed a memorandum of understanding with the German Development Finance Institution geared at advancing bilateral trade and industrial relations between Kenya and Germany.
Speaking to the Star during the signing of the agreement in Nairobi on Wednesday evening, I&M Bank Kenya chief executive Kihara Maina said the bank will dedicated a German desk that will offer financial support and solutions at some of its key branches in Nairobi, Mombasa and Kigali.
“The desk will serve as a one-stop shop in the provision of all banking services that include banking account, provision of short to medium facilities, trade finance and transaction banking services and other requisite financing needs of companies being engaged in German-Kenyan business activities,” he said
The counter, which will start operating in October, will provide a channel for exchange of goods and services between Kenya and Germany.
Following the signing of the MoU, Maina said that I&M and DEG will fine-tune the process and requirements for companies to be allowed to invest in either countries within the next three months.
The German Chamber of Commerce representatives and a delegation that handles German businesses in Kenya were present to witness the signing.