BANKING | JP Morgan Kenyan Authorization Does Not Include Taking On Banking Business

Kenya will serve as a marketing and liaison office for parent banks and affiliates, and are not permitted to take on banking business.

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The Central Bank of Kenya (CBK) says it has authorized JPMorgan Chase Bank, the largest bank in the world, to establish a regional representative office in Nairobi, Kenya.

According to CBK, the JPMorgan Chase Bank N.A. Representative Office in Kenya will serve as a marketing and liaison office for parent banks and affiliates, and are not permitted to take on banking business.

 

“The JPMorgan Chase Bank N.A Representative Office Kenya will contribute to the diversity of Kenya’s financial sector and catalyze trade and investments. Additionally, the authorization of the Representative Office affirms Kenya’s standing as a premier financial services hub,” CBK said.

 

The move, already revealed in February 2024 by Kenya’s President comes ahead of a visit by the bank’s CEO, Jamie Dimon, to Africa, where he is expected to hold meetings in Kenya, Nigeria, and South Africa, according to Reuters.

 

“We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so,” Dimon said by phone from New York before departing on a trip to Africa. The countries and pace of expansion have not previously been reported.

 

“This will allow us to be on the ground in these countries which gives you a lot more local knowledge and relationships,” Dimon said.

 

“And when you do it, you basically will cover the government, maybe some big government enterprises and the multinationals that are going in there with traditional banking services,” he added.

 

In Kenya and Ivory Coast, the bank will prioritize commercial and investment banking, as well as treasury services, with the possibility of some lending, according to Dimon.

 

However, there are no immediate plans to provide asset and wealth management (AWM) services in these countries, as those offerings are already available in South Africa and Nigeria.
 

 
“We are not doing AWM now but that doesn’t mean it wouldn’t happen in the next few years,” Dimon said.

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