From January 1, 2004 the KfW Group’s export and project finance activities will be branded as KfW IPEX-Bank. KfW management board member Peter Klaus will assume the additional post of chairman of the new board of managing directors; further board members are Michael Ebert, Heinrich Heims and Christian Murach.
As was agreed with the EU on March 1, 2002, the KfW IPEX-Bank will join the market as a legally independent 100%-owned subsidiary of the KfW Group from January 1, 2008.
In the trial phase that starts in January 2004 the KfW IPEX-Bank will be testing its business model as a bank within a bank. The future subsidiary will have a standalone rating and on this basis will be able to fund itself through its parent company. As a legally independent credit institution, it will meet all statutory minimum requirements, for instance those of the German Banking Act (KWG), the MAK (minimum requirements for lending operations) and, in the future, the Basel II requirements as well. Like all commercial banks, the subsidiary will be subject to full taxation.