JPMorgan Chase Bank N.A, an American financial conglomerate, has been approved by the Central Bank of Kenya (CBK) to open a representative office in Kenya.
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.
“In establishing a presence in Kenya, JPMorgan Chase Bank N.A. seeks to explore business opportunities in Kenya and the wider East African region.”
