Business
Kenya Allows JPMorgan Chase To Set Up Representative Office Locally
Representative offices of foreign banks in Kenya serve as marketing and liaison hubs for their parent banks and affiliates, the Central Bank of Kenya said in a statement.
CBK announced in a statement that the local office will serve as marketing and liaison offices for JPMorgan Chase parent banks.
However, the apex bank noted that the entity is not permitted to undertake banking business in the country.
“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.
“Under the Banking Act, Representative Offices of foreign banks in Kenya serve as marketing and liaison offices for their parent banks and affiliates and are not permitted to undertake banking business.”
JPMorgan Chase Bank N.A, which is based in New York, operates in over 60 countries worldwide, offering services ranging from asset and wealth management, commercial banking, investment banking and financial technology.
The JPMorgan Chase representative office will contribute to the diversity of Kenya’s financial sector and catalyse trade and investments, the statement added.
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