KfW Rely on the safe haven - Investor presentation
Major strategic holdings of KfW
Capital shares as of 31 December 2023
Mandated transactions
Strategic holdings
in accordance with article 2 (4) of the KfW
Law
Privatization initiatives5
DEG mbH¹
100%
HENSOLDT AG
25.1%
Deutsche Post AG
20.5%7
KfW Beteiligungsholding GmbH
KfW IPEX-Bank GmbH
100%
CureVac NV
13.3%
Deutsche Telekom AG
16.6%
100%
GZBV Verwaltungs-GmbH
AKA Ausfuhrkredit GmbH
0.21%
GZBV mbH & Co. KG³
100%
84.3%
KfW Capital GmbH & Co. KG
100%
Selent Netzbetreiber GmbH4
100%
European Investment Fund (EIF)
2.3%
German LNG Terminal GmbH
50%
tbg GmbH²
100%
Expand Netzbetreiber GmbH6
100%
Berliner Energie-Agentur GmbH (BEA)
25%
True Sale International GmbH (TSI)
7.7%
FuB GmbH²
100%
1_Mandated transaction in accordance with article 2 (4) of the KfW Law (non-profit)
2_tbg GmbH: tbg Technologie-Beteiligungs-Gesellschaft mbH; Fub GmbH: Finanzierungs- und Beratungsgesellschaft mbH
3_Indirect participation in Airbus SE - around 11% of voting rights
4_Indirect participation in Eurogrid GmbH - 20% of shares. Eurogrid holds 100% of the German transmission operator 50Herz Transmission GmbH. KfW
holds 0.3% of Elia Group S.A./NV which holds 80% of Eurogrid.
5 Mandated transactions in accordance with article 2 (4) of the KfW Law
6 Indirect participation in Transnet BW GmbH (via Übertragungsnetz Immobilienverwaltungsgesellschaft mbH & Co. KG which holds 24.95% of shares)
7_On February 6th 2024, KfW sold 4.0% in Deutsche Post AG to institutional investors. Since that, the aggregate holding is approximately 16.5%.
KFW Rely on the safe haven - Investor presentation / April 2024
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