Kenya’s Central Bank Grants JP Morgan Operating License

The Central Bank of Kenya (CBK) has granted JP Morgan Chase Bank a license to open a representative office in Nairobi, marking its expansion into East Africa’s largest economy. The US banking giant, with over $4.1 trillion in assets, will use the office to market its services but will not conduct direct banking transactions, in line with Kenya’s banking laws. With this development, JP Morgan becomes the second US bank to open a representative office in Kenya, after Citibank. The move follows the bank’s decade-long interest in the region and comes ahead of CEO Jamie Dimon’s October visit to Kenya, Nigeria, South Africa, and Côte d’Ivoire. JP Morgan’s offices in Africa will focus on asset management and commercial and investment banking services. According to the Central Bank, the bank seeks to explore business opportunities in the country and in the wider East Africa region.

SOURCE: TECH CABAL