JPMorgan Chase Bank N.A., a leading American financial conglomerate, has been granted permission by the Central Bank of Kenya (CBK) to establish a representative office in the country.
The representative office will serve as a marketing and liaison hub for JPMorgan Chase, facilitating business development and fostering relationships with local clients and partners.
“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,” CBK said.
While the office will not conduct full-fledged banking operations in Kenya, it will provide a platform for JPMorgan Chase to explore business opportunities in the country and the wider East African region.
The approval from the CBK aligns with the Kenyan government’s efforts to attract foreign investment and diversify the country’s financial sector.
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