Kenya allows JPMorgan Chase to set up representative office locally
A person enters the JPMorgan Chase & Co. New York headquarters in Manhattan, New York City, U.S., June 30, 2022. REUTERS/Andrew Kelly/File Photo
Audio By Vocalize
Kenya's central bank said on Monday that it had authorised JPMorgan Chase to establish a representative office in the East African country.
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.
The JPMorgan Chase representative office will contribute to the diversity of Kenya's financial sector and catalyse trade and investments, the statement added.
Reuters reported last month, citing four sources familiar with the matter, that JPMorgan Chase's CEO Jamie Dimon planned to travel to Africa in mid-October in a push by the biggest U.S. lender to expand on the continent.
Join the Discussion
Share your perspective with the Citizen Digital community.
No comments yet
This discussion is waiting for your voice. Be the first to share your thoughts!