Recently, the Central Bank of Kenya (CBK) revealed that it has given JPMorgan Chase approval to build a representative office within Kenya.
This action comes ahead of a planned visit by JPMorgan Chase CEO Jamie Dimon. The bank’s CEO is scheduled to visit four African nations, including Kenya.
A statement by the CBK noted that the JPMorgan Chase representative office will help diversify Kenya’s banking industry and stimulate investment and commerce.
“The JPMorgan Chase bank representative office Kenya will contribute to the diversity of Kenya’s financial setor and catalyze trade and investment,” the statement read.
“Additionally, the authorization of the Representative Office affirms Kenya’s standing as a premier financial service hub,” the statement added.
The apex bank noted that representative offices in Kenya act as marketing and communication centers for their parent banks and affiliates.
With the entry of JPMorgan Chase, the number of representative banks in the East African country rose to 10, according to the East African.
According to the central bank, the number of deals signed by foreign financiers having representative offices in Kenya increased by 13% in 2023, to Sh413.3 billion, up from Sh356.6 billion in 2022.
