Originally founded in 1948 and headquartered in Frankfurt, KfW (originally Kreditanstalt für Wiederaufbau) is a government-owned development banking group. They are participants to, or signatories of, several international covenants and initiatives such as the Declaration of Human Rights, the Carbon Disclosure Project, and the Principles for Responsible Investment.[1] Their website states that they are “…dedicated to the sustainable improvement of economic, social and ecological living conditions.”[2]

KfW was once again included in the Dirty Profits 4 report, details of the financial ties to selected controversial companies can be found within the report and detailed data tables from the research period 2013-2015 can be downloaded here.

KfW was connected to several controversial companies in the Dirty Profits 2 report, published November 2013. Details can be found with the published report and the detailed data tables from the research period 2011-2013 are available to download here.

In Dirty Profits 1, KfW ranked 12th in harmful investment transactions with a total of €94 million invested in EADS, one of the 28 controversial companies investigated in the PROFUNDO report.[3]


For detailed information regarding KfW’s investments, please refer to the PROFUNDO research report links below. The PROFUNDO report, (conducted between 2010 and 2012), analyzes the investments between KfW (and many other financial institutes) and controversial companies.

PROFUNDO – Underwritings of Shares and Bonds


PROFUNDO – Management of Shares and Bonds

[1] “Sustainability.” KfW Bankengruppe –. KfW Bankengruppe, n.d. Web. 04 Dec. 2012. <http://nachhaltigkeit.kfw.de/EN_Home/Sustainability/index.jsp>.

[2] “Identity.” KfW Bankengruppe. KfW Bankengruppe, n.d. Web. 04 Dec. 2012. <http://www.kfw.de/kfw/en/KfW_Group/About_KfW/Identity/index.jsp>.

[3] Gelder, Jan Willem Van, Barbara Kuepper, Petra Spaargaren, and Joeri De Wilde. DIRTY PROFITS Report on Companies and Financial Institutions Benefiting from Violations of Human Rights: A Research Paper Prepared for Facing Finance. Tech. Amsterdam: Profundo, 2012. Print.