The KfW, formerly KfW Bankengruppe (banking group), is a German government-owned development bank, based in Frankfurt. Its name originally comes from Kreditanstalt für Wiederaufbau ("Reconstruction Credit Institute"). It was formed in 1948 after World War II as part of the Marshall Plan.It is owned by the Federal Republic of Germany (80%) and the States of Germany (20%). It is led by a six-member Managing Board headed by Ulrich Schröder, which in turn reports to a 37-member Supervisory Board.