Opening of a US bank’s Kenyan office
On his tour to the African continent, DImon visited Ruto at Government House, Nairobi, for the President’s speech to the X. Presently among others were, Sailepu Montet the country manager for JPMorgan. John Mbadi Treasury Cabinet Secretary, Central Bank of Kenya (CBK) Governor Kamau Thugge and the US Ambassador to Kenya Meg Whitman.
“Kenya is in high demand as a diverse and dynamic economy and has the potential to be JPMorgan’s financial hub in East Africa,” Ruto said. In Kenya and East Africa
Last week CBK announced that it has authorized JPMorgan to establish a representative office here in Kenya.
Foreign banks’ representative offices function as marketing and communication hubs for their parent banks and affiliated entities. The New York company’s foray into Africa also saw the opening of an office in the Ivory Coast.
JPMorgan has appointed former CBK financial markets manager Montent to lead its operations in Kenya.
In Kenya and Ivory Coast, the lender will focus on trade and investment loans, financial services and some loans, Dimon told Reuters.
According to him, there are no immediate plans to provide the asset and wealth management (AWM) services offered by the bank in South Africa and Nigeria.
“We’re not doing AWM right now, but that doesn’t mean it won’t happen in the near future,” Dimon said last week. According to CBK, the JPMorgan agency hopes to help diversify Kenya’s financial sector and encourage trade and investment.
It is also one of the top five private banks in the world by assets under supervision.
JPMorgan, with more than $4. 2 trillion in assets and operations in more than 100 countries, has been trying to establish a unit in Kenya for 10 years. However, it is said that his activities have been blocked by the management.
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