The Central Bank of Kenya (CBK) has granted authority to JP Morgan Chase Bank N.A of the United States of America (USA) in establishing a representative Office in Kenya by the name JP Morgan Chase Bank N.A Representative Office- Kenya.
The Authority is granted pursuant to section 43 of the Banking Act and follows the fulfilment, by JP Morgan Chase Bank N.A...,of the stipulated Authorisation requirements.
Under the Banking Act,Representative offices of the foreign banks in Kenya serve as marketing and liason Offices for their parent banks and affiliates and are not permitted under the law(act)to undertake banking Business.
The JP Morgan Chase Bank N.A Representative Office-Kenya will operate in line under this requirement herewith.The Communication from the Regulator stated.
JP Morgan Chase Bank N.A is a financial Conglomerate domiciled in United States of America (USA)
It 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 Kenyan market,JP Morgan Chase Bank N.A will explore Business opportunities in Kenya and wider East African Region.
The JP Morgan Chase Bank N.A Representative Office-Kenya will also contribute immensely to the diversity of Kenya’s financial sector and catalyse trade and investments.
Additionally, the authorisation of the representative office affirms Kenya’s standing as a premier financial services hub.