One of the world’s largest banks, JPMorgan Chase, is set to make an entry into Kenya. The American banking giant has received an approval from the Central Bank of Kenya (CBK) to open a representative office in Kenya.
“The JPMorgan Chase Bank Representative Office Kenya will contribute to the diversity of Kenya’s financial sector and catalyze trade and investments,” the Central Bank of Kenya said in a statement.
“Additionally, the authorization of the Representative Office affirms Kenya’s standing as a premier financial services hub.”
Over the last couple of years, the JPMorgan Chase & Co has been mulling over expanding operations into Kenya. The push has been part of the banking conglomerate’s push to tap into the East African market.
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“You will see us open in countries that we are not in. In Africa, you will be hearing about some of that stuff,” chief executive officer Jamie Dimon has previously said.
The current approval by the CBK comes as Dimon prepares to visit Kenya as part of a four-country tour in Africa. Dimon is expected to visit Kenya, Nigeria, South Africa, and Ivory Coast.
Currently, JPMorgan has offices in South Africa and Nigeria where it offers asset and wealth management, as well as commercial and investment banking services. The banking giant has assets of over US$4.1 trillion and runs operations in more than 100 countries.
