JP Morgan Chase to open operations in Kenya

The Central Bank of Kenya (CBK) on Friday welcomed the enthusiastic interest shown by international financial institutions in Kenya.

The regulator said several institutions have outlined plans to set up, or expand, operations in Kenya, also as a natural hub for serving the African continent.

This week, Mr. Jamie Dimon, Chairman, and CEO of the largest American bank JP Morgan Chase, announced at the World Economic Forum in Davos, Switzerland, that his bank intends to open operations in Kenya.

This would restart and recalibrate a process that JP Morgan Chase halted in October 2015. At that time an application to open a Representative Office was being processed.

“CBK welcomes this interest, confirming Kenya’s growing stature as a premier regional financial hub,” the CBK said in a statement.

JPMorgan Chase is one of the oldest financial institutions in the United States. With a history dating back over 200 years, the lender has assets of $2.6 trillion, operates in more than 60 countries and boasts of having more than 240,000 employees.

JPMorgan is one of the banks that was used in collecting funds from international investors in the Sh215billion Eurobond loan for Kenya.