BUSINESS

First JPMorgan Chase Bank Office to Open in Kenya

Share
First JPMorgan Chase Bank Office to Open in Kenya
JPMorgan office. (Photo: Web)
Share

It is America’s biggest lender by assets, with total assets of $3.503 trillion. And for the first time, JPMorgan Chase is planning to expand its consumer banking operations to Kenya, with preparations to establish its first-ever representative office in the country currently underway in Nairobi.

An American banking presence in Kenya can aid recent U.S. efforts to encourage foreign trade and foreign investment in African enterprises, the Central Bank of Kenya (CBK) said on Monday after announcing that it had approved the bank’s resubmitted plan to open the branch after a 12-year delay caused by regulatory hurdles dating back to 2012.

“The JPMorgan Chase Bank representative office in Kenya will contribute to the diversity of Kenya’s financial sector and catalyse trade and investments,” said CBK.

> List: Cheapest and most expensive banks in Kenya

“Additionally, the authorisation of the Representative Office affirms Kenya’s standing as a premier financial services hub.”

Representative offices are the simplest way for foreign banks to establish an organisation in Kenya. However, they are also the most restricted in terms of activities, as they only serve as a liaison between the head office and its customers and correspondent banks locally.

Bearing that in mind, despite JPMorgan being known for serving millions of people with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, loans, and payment processing, it is still unclear what type of service they will offer in Kenya.

It is likely, however, that the bank will join the other ten international banks in the country, including FirstRand Bank of South Africa, Bank of China, Bank of Kigali, Bank AL Habib, and Banque Misr, which offer their local clients investment banking, commercial banking, financial transaction processing, and asset management services.

Kenya has now joined South Africa and Nigeria as the only three African countries with JPMorgan’s branches and agency offices.

> Two Kenyan Banks Ranked Among Top 5 Strongest Banking Brands

Written by
JUSTUS KIPRONO -

Justus Kiprono is a freelance journalist based in Nairobi, Kenya. He tracks Capital Markets and economic trends, infrastructure reform, government spending, and the financial impacts of state decision-making nationwide. You can reach him: Kipronojust@gmail.com

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WHAT YOU NEED TO KNOW IN POLITICS

FOLLOW US ON SOCIAL MEDIA

Related Articles
EAE 20 Share Index
BUSINESS

Inside the East Africa Exchanges 20 Share Index

EAE 20 Share Index The East African Securities Exchanges Association (EASEA) has...

Primrose Management Ltd General Manager Mapreet Kalsi joins MD Jitesh Upadhyay, Customer Service Executive Milka Lusega and Entertainment Manager Francis Muchemi.
BUSINESS

Nairobi’s Prestige Plaza Gets Ksh400 Million Makeover

Retail trade real estate investments firm Primrose Management Limited has confirmed the...

"Beat ya Clemo": Where Is the Owner of Calif Records Now?
MusicPERSON OF INTEREST

“Beat ya Clemo”: Where Is the Owner of Calif Records Now?

The mystery between two music production arch-rivals, Clement ‘Clemo’ Rapudo of Calif...

Seven Business Mistakes to Avoid in 2025
SMART BUSINESS

Seven Business Mistakes to Avoid in 2025

2025 is the year of business. That’s what many of us declared...