The Central Bank of Kenya (CBK) has officially authorized JPMorgan Chase Bank N.A., a U.S.-based financial conglomerate, to establish a Representative Office in Kenya.
The office, known as JPMorgan Chase Bank N.A. Representative Office Kenya, has been granted approval under Section 43 of the Banking Act following the fulfillment of all necessary authorization requirements by the bank.
Under the Banking Act, foreign banks operating Representative Offices in Kenya are restricted to functioning as marketing and liaison hubs for their parent banks and affiliates.
These offices are not permitted to engage in any direct banking activities. JPMorgan Chase Bank N.A. Representative Office Kenya will adhere to these guidelines as it begins operations in the country.
As one of the largest global financial institutions, JPMorgan Chase Bank N.A. operates across over 60 countries, providing a wide range of services, including asset and wealth management, commercial banking, investment banking, and financial technology.
The establishment of a presence in Kenya signifies the bank’s interest in exploring business opportunities within Kenya and the broader East African region.
The introduction of JPMorgan Chase Bank N.A.’s Representative Office is expected to enhance the diversity of Kenya’s financial sector and act as a catalyst for trade and investment in the region. Additionally, this development reinforces Kenya’s position as a premier financial services hub on the continent.
