The Central Bank of Kenya (CBK) has approved JPMorgan Chase Bank N. A., an American financial conglomerate, to open a representative office in Kenya.

In a statement, CBK stated that the local office will serve as the marketing and liaison office for JPMorgan Chase's parent banks.

However, the apex bank noted that the entity cannot undertake banking business in the country.

“This authority is granted pursuant to Section 43 of the Banking Act and follows the fulfilment, by JPMorgan Chase Bank N.A., of the stipulated authorisation requirements.”

“Under the Banking Act, Representative Offices of foreign banks in Kenya serve as marketing and liaison offices for their parent banks and affiliates and are not permitted to undertake banking business.”

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JPMorgan Chase Bank N.A., based in New York, operates in over 60 countries worldwide and offers services in asset and wealth management, commercial banking, investment banking, and financial technology.