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.

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.