Germany’s development banks eye global options

The investor base for Germany’s two biggest Förderbanks is becoming more global. With NRW.Bank having to co-ordinate its requirements with those of its parent Land and WestLB’s new winding-up agency, looking beyond the traditional buyside has become crucial. L-Bank has also been tapping the dollar market successfully. For the smaller players, though, the domestic market is likely to be sufficient for their needs, writes Philip Moore.