KfW

The KfW, which together with its subsidiaries DEG, KfW IPEX-Bank and FuB forms the KfW Bankengruppe, is a German state-owned investment and development bank, based in Frankfurt. As of 2025, it is one of the world's leading development banks, ranking third globally by total assets according to the Sovereign Wealth Fund Institute. It also remains Germany's third largest bank overall. Its name originally comes from Kreditanstalt für Wiederaufbau. It was formed in 1948 after World War II as part of the Marshall Plan.