Central Bank of Kenya (CBK) has accorded JP Chase Bank rights to officially open a branch in Kenya.
Photo: Courtesy
The announcement was made on 14th October 2024 in a statement.
CBK said that the authority to grant JP the rights was granted pursuant of section 43 of the Banking Act and followed the fulfillment by JP Morgan Chase Bank of the stipulated authorization requirements.
CBK added that Chase Bank would contribute to the diversity of Kenyan’s financial sector and catalyze trade and investments.
Under the Banking act, Representative offices of foreign banks in Kenya serves as marketing and liaison offices for their parental banks and affiliates and are not permitted to undertake banking business. The JP Morgan Chase Bank N.A Representative Office Kenya will operate in Line with this requirement.
Central Bank of Kenya said in a statement they released.
They further said that the authorization of the representative office affirms Kenya’s standing as a premier financial services hub.
JP Morgan Chase Bank is a financial conglomerate based in USA which operates over 60 countries worldwide.
It offers services ranging from assets and wealth management. Commercial banking, investment banking and financial technology.
JP seeks to explore business opportunities in Kenya and wider East Africa Region.
