(Ecofin Agency) - JP Morgan Chase & Co, the largest U.S. bank with assets totaling $3.875 trillion, will open a representative office in Kenya under the name JP Morgan Chase Bank N.A. Representative Office Kenya. The Central Bank of Kenya (CBK) announced on Monday, October 14, 2024, that it has approved the bank's setup.

The office will not engage in banking activities in Kenya. It will serve as a liaison and marketing hub for JP Morgan and its subsidiaries.  "In establishing a presence in Kenya, JPMorgan Chase Bank N.A. seeks to explore business opportunities in Kenya and the wider East African region. The JPMorgan Chase Bank N.A Representative Office Kenya will contribute to the diversity of Kenya’s financial sector and catalyze trade and investments," the CBK stated.

The office could officially open during the visit of JP Morgan’s CEO, Jamie Dimon, who is expected in Kenya later this month. Dimon will also visit Nigeria, South Africa, and Côte d'Ivoire as part of his African tour. The move is expected to strengthen the bank’s influence and footprint on the continent. JP Morgan already operates in Africa with representative offices in Nigeria and South Africa, where it offers asset management, wealth management, and investment banking services.

JP Morgan’s interest in Kenya goes back to 2015. The bank had initially started the process of opening an office but paused the application, according to the CBK. Three years later, in January 2018, Jamie Dimon reignited the project by announcing at the World Economic Forum in Davos that the bank intended to open a representative office in Kenya. In February 2023, following a meeting between a JP Morgan executive and Kenyan President William Ruto, the upcoming office was confirmed.

Kenya's appeal as a business hub is no coincidence. It could become JP Morgan's financial center for East Africa. Known as one of the most diversified and dynamic economies in the region, Kenya has emerged as a leader in innovation and technology development. This environment has attracted numerous U.S. companies, and JP Morgan plans to support these multinationals in their East African operations.