Today KfW IPEX-Bank presented its business model to the public for the first time. A transitional period will begin on January 1, 2004 leading up to the establishment of KfW IPEX-Bank as a legally independent bank. With full tax liability and subject to the regulatory provisions set forth in the German Banking Act (KWG), the new bank will operate on a level playing field with all other commercial banks and, therefore, satisfy the terms of the understanding reached with the EU in May 2002 concerning promotional banks. KfW IPEX-Bank will remain a 100% subsidiary of KfW and an integral part of the KfW Group.
Dr Peter Klaus, spokesman of the Board of Managing Directors of the new KfW IPEX-Bank, and member of the Board of Managing Directors of KfW, today revealed details of the spin-off of KfW's export and project finance division and the roadmap going forward.
