The Central Bank of Kenya (CBK) has cleared American banking giant, JP Morgan Chase Bank to establish a Representative Office in the country.
JPMorgan Chase Bank N.A which is not authorized to conduct banking business in Kenya will however serve as marketing and liaison offices for their parent banks and affiliates.
“The JPMorgan Chase Bank N.A Representative Office Kenya will contribute to the diversity of Kenya’s financial sector and catalyse trade and investments. Additionally, the authorisation of the Representative Office affirms Kenya’s standing as a premier financial services hub,” said CBK in a statement.
The financial conglomerate with headquarters in USA operates in over 60 countries worldwide, offering services ranging from asset and wealth management, commercial banking, investment banking and financial technology.
In establishing a presence in Kenya, CBK says JPMorgan Chase Bank N.A. seeks to explore business opportunities in Kenya and the wider East African region.
