Western Europe: KfW
It has been a year of dramatic change for German state development agency KfW (Kreditanstalt für Wiederaufbau), which lends to support housing, infrastructure, export finance and development aid. At the end of January details of its takeover of two smaller German development banks, DtA and DEG, with which it partly overlapped, were confirmed and a new structure unveiled.
This puts the treasury team of KfW at the centre of funding for the new enlarged group.
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