The Central Bank of Kenya (CBK) has granted authorization for JPMorgan Chase Bank N.A., a major American financial institution, to establish a representative office in Nairobi, Kenya.
The office, named JPMorgan Chase Bank N.A. Representative Office Kenya, marks the bank’s official entry into Kenya’s financial sector, a move set to strengthen its presence in East Africa.
This comes on the expected visitation of JPMorgan Chase CEO Jamie Dimon to Kenya this October 2024, as the institution expands its footprint in Africa.
The representative office will act as a liaison between JPMorgan Chase and its affiliates, exploring potential business opportunities in Kenya and the wider East African region.
Also Read:Â Kenya picks Citi, JP Morgan as lead managers for Dollar sovereign bond
However, in line with Kenya’s Banking Act, the office is not permitted to undertake any direct banking services.
JPMorgan Chase Bank, headquartered in the United States, operates across over 60 countries and offers a broad range of services including asset and wealth management, commercial banking, investment banking, and financial technology.
The bank’s entry into the Kenyan market is expected to bolster trade, investment, and financial diversification, reaffirming Kenya’s status as a key financial hub in Africa.
According to the CBK, JPMorgan Chase Bank N.A. Representative Office Kenya will contribute to the growth of Kenya’s financial sector, catalyzing investments and enhancing the country’s position in the global financial arena.
