
American JPMorgan Chase approved to establish Kenyan representative office
- Published By Jane Njeri For The Statesman Digital
- 11 months ago
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.”
Share on
SHARE YOUR COMMENT
MORE STORIES FOR YOU
Trending Stories
DJ Mo’s former illicit lo...
- Published By Jane
- January 15, 2024
Mapenzi! Zari and Tanasha...
- Published By Jane
- October 24, 2023
Zuchu Speaks on Diamond P...
- Published By Jane
- October 12, 2023
Hio Ni Upumbavu Wasituche...
- Published By Jane
- November 8, 2023
RECOMMENDED FOR YOU
Your Lungs Hold Secrets A...
- Published By The
- September 11, 2025
Better Sleep?: See The Li...
- Published By The
- September 11, 2025
What to Know About iPhone...
- Published By The
- September 11, 2025
From Teacher to Mwalimu N...
- Published By The
- September 11, 2025
Latest Stories
6 Brain-Damaging Habits Y...
- Published By The
- September 27, 2025
"Najua Unatamani": Vera S...
- Published By The
- September 27, 2025
Lenacapavir: What You Nee...
- Published By The
- September 27, 2025
Bahati and Diana Marua An...
- Published By The
- September 27, 2025