The Central Bank of Kenya (CBK) has announced that it has granted US-based JP Morgan Chase Bank a permit to set up a representative office in Kenya.
In a statement dated Monday, October 14, it was noted that the global financial firm had applied to establish its office in Kenya.
Consequently, the bank met all requirements listed by the CBK before the permit was issued.
"The Central Bank of Kenya (CBK) announces the granting of authority to JPMorgan Chase Bank N.A. of the United States of America (USA) to establish a Representative Office in Kenya by the name of JPMorgan Chase Bank N.A. Representative Office Kenya," read the statement in part.
"This authority is granted pursuant to Section 43 of the Banking Act and follows the fulfilment, by JPMorgan Chase Bank N.A., of the stipulated authorisation requirements."
Read More
As detailed by the CBK, the representative office will not undertake banking services but will serve as a marketing and liaison office.
Apart from banking services, JP Morgan Chase Bank also undertakes wealth and asset management on behalf of individuals and companies.
Therefore, CBK detailed that the operation of the financial institution in Kenya would open up the country for investments.
" It 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, JP Morgan Chase Bank N.A. seeks to explore business opportunities in Kenya and the wider East African region," read the statement in part.
"The JP Morgan 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."
