The Central Bank of Kenya (CBK) has authorised the US-based investment banking company JPMorgan Chase to establish a representative office in Kenya.
The office will be named JPMorgan Chase Bank Representative Office Kenya.
CBK granted the authorisation under Section 43 of the Banking Act, after fulfilment of the stipulated authorisation requirements by JPMorgan Chase Bank.
Kenya’s Banking Act allows foreign banks to open Representative Offices in the country as marketing and liaison offices and are not permitted to conduct banking operations.
The JPMorgan Chase Bank Representative Office Kenya will operate as per the requirement of Kenya’s Banking Act and contribute to the diversity of the country’s financial sector.
JPMorgan Chase Bank operates in more than 60 countries worldwide, offering asset and wealth management, commercial banking, investment banking and financial technology services.
As part of establishing a presence in Kenya, the bank seeks to explore business opportunities in the country and the wider East African region.
Currently, JPMorgan has offices in Nigeria and South Africa where it offers asset and wealth management as well as commercial banking services.
The Central Bank of Kenya, in its statement, said: “The JPMorgan Chase Bank Representative Office Kenya will contribute to the diversity of Kenya’s financial sector and catalyze trade and investments.
“Additionally, the authorisation of the Representative Office affirms Kenya’s standing as a premier financial services hub.”
Last year, JPMorgan Chase opened two new locations in the Indian cities of Mumbai and Bengaluru, strengthening its presence in India.
In Mumbai, the bank built a 1.16-million-square-foot campus on the 23-acre Nirlon Knowledge Park (NKP), located along Mumbai’s Western Express Highway in Goregaon.
In Bengaluru, the company built a new 1.12-million-square-foot hub within Embassy Tech Village (ETV), a business park spread over 103 acres on Outer Ring Road.
