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Subsidiaries and Participations

KfW IPEX-Bank GmbH

Within KfW Group KfW IPEX-Bank GmbH provides project and corporate finance and offers trade and export finance in Germany and abroad. Worldwide it conducts all market activities of KfW Group that are carried out on commercial terms. It has been run as a legally dependent bank within KfW Group since 1 January 2004, and was separated since 1 January 2008 into a legally independent subsidiary.


DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH

Since 1962 DEG has been a reliable partner to private-sector enterprises operating in developing and emerging-market countries. Customers are provided with tailor-made solutions, including financing, promotional programmes and advice tailored to individual needs. They can thus develop successfully and sustainably, while generating local added value and creating qualified jobs. With a portfolio of around EUR 8.6 billion in over 80 countries DEG is one of the world’s largest private-sector development financiers.


tbg - Technologie-Beteiligungs-Gesellschaft mbH

The current business activity of tbg - a subsidiary of KfW Group - is solely focused on previous commitments. All new business in the field of equity finance is now being handled by business area Mittelstandsbank. This includes financing offers for the seed and start-up phases as well as offers to sustainably improve the equity base of German small and medium-sized enterprises (SMEs).

Finanzierungs- und Beratungsgesellschaft mbH (FuB)

The main functions of FuB are the handling of special tasks associated with the currency conversion in eastern Germany and the performance of agency business for the former Staatliche Versicherung der DDR in Abwicklung (SinA) .

dena - Deutsche Energie-Agentur GmbH

The dena, a 26% subsidiary of KfW Group, promotes the efficient and environmentally friendly production and use of energy including renewable energies.

Deutsche Energie-Agentur GmbH


KfW Group

Palmengartenstrasse 5-9

60325 Frankfurt am Main



+49 69 74 31 0


+49 69 74 31 29 44