NAIROBI – On Monday, Kenya’s central bank said it had authorized JPMorgan Chase (NYSE: JPM) to establish a representative office in the East African country.
Representative offices of foreign banks in Kenya serve as marketing and liaison hubs for their parent banks and affiliates, the Central Bank of Kenya said in a statement.
The JPMorgan Chase representative office will contribute to the diversity of Kenya’s financial sector and catalyze trade and investments, the statement added.
Reuters reported last month, citing four sources familiar with the matter, that JPMorgan Chase’s CEO Jamie Dimon planned to travel to Africa in mid-October in a push by the biggest U.S. lender to expand on the continent.
(Source: Reuters)
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
