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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.


KfW Capital

KfW Capital has launched it's operational activities in October 2018. Based in Frankfurt am Main, KfW Group's new subsidiary's objective is to develop the VC and VD funding landscape in Germany and Europe, thus improving access to capital for young, innovative, fast-growing German tech companies in the start-up and growth phase. In its work, the new venture capital firm will build on the professional foundations already established by KfW and the German Federal Ministry for Economic Affairs and Energy. Since the ERP Venture Capital Fund Investment programme was launched in 2015, KfW has invested a total of EUR 265 million in 18 venture capital funds. In cooperation with the Federal Ministry for Economic Affairs and Energy, KfW also set up the large co-investment fund Coparion in 2016. As well as continuing to invest in these funds, KfW Capital will also take over KfW's existing investments in the three generations of the High-Tech Start-up Fund.

KfW Capital

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 KfW Capital, a 100 percent subsidiary of KfW Group.

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