JP Morgan to Open Office in Kenya

U.S financial services giant JP Morgan Chase is set to open a representative office in Kenya after it got approval from the Central Bank of Kenya (CBK).

This is seen as a major stride for Nairobi as it seeks to be East Africa’s financial and life insurance hub.

JP Morgan Chase which is the largest bank based on asset in the U.S will join a growing list of big global lenders that have set base in the country. 

The office will conduct financing transactions for the parent bank, but will not collect deposits from the public.

Other banks that have recently received approval include the Central Bank of India and Rwanda’s Bank of Kigali.