KfW

The KfW, which together with its subsidiaries DEG, KfW IPEX-Bank and FuB forms the KfW Bankengruppe ("banking group"), 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 ("Credit Institute for Reconstruction").