The Central Bank of Kenya has licensed the Bank of China (BOC)
to open a representative office in the country, a move linked towards a full
operation in East Africa region.
BOC becomes the fifth foreign bank in the country to be
allowed to establish a marketing and liaison office in Kenya.
According to Reuters, foreign lenders have been looking to
set up operations in Kenya where collective industry profit jumped 20.4% last
year to Sh 89.3 billion ($1.07 billion).
BOC, in which the Chinese Sovereign Wealth Fund holds a substantial
stake, is based in Beijing and focuses on corporate and personal banking as
well as investment banking.
This comes after other Chinese organizations
set base in the capital with Pay TV Company StarTimes Media setting last month and
state broadcaster CCTV last year.
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