JP Morgan set to open Representative Office in Nairobi

By Robert Mutasi 

President William Ruto said the world's largest bank by balance sheet, JP Morgan, had obtained regulatory approval from the Central Bank of Kenya to open a representative office in Nairobi.

It will serve as a contact and promotion office of the bank and its subsidiaries as it pursues available diverse business and investment opportunities across the region.

Although the office will not be licensed to conduct full-scale banking operations, it is nonetheless likely to significantly expand JP Morgan's presence in East Africa and unlock new opportunities in partnerships and joint projects.

This interest by the bank reflects the growing attractiveness of the Kenyan state as an economic force on the African continent.

"Kenya has tremendous appeal as a diversified and dynamic economy," President Ruto said while assuring the country's potential to become a financial center for JP Morgan in Eastern Africa. 

"This move reflects the confidence international investors have in Kenya's economic future," he said when he met JP Morgan CEO Jamie Dimon at State House Nairobi.

Dimon's visit to Kenya was part of an African tour to consolidate the bank's engagements with key markets across the continent.

Indeed, JP Morgan's interest in Kenya fits into the strategic goals of the country to be a leading financial and investment hub in the region as it attracts top global institutions.

The entry of JP Morgan is expected to open up massive investment opportunities for Kenya in particular and the East African region at large. 

This seals a milestone for Kenya's financial sector, which has been positioning itself as a gateway to East Africa's emerging markets.

The new hub will serve as a liaison office for the bank and ensure that the bank feels and touches the ground in a bid to keep a close tab on the local markets and develop closer relationships with key stakeholders.

It will also seek to develop partnerships with regional governments, businesses, and institutions in order to develop infrastructure, technology, and energy growth.

The opening of the office of JP Morgan in Nairobi clearly underpins the position of East Africa in the global financial ecosystem, with more and more international companies seeking to capitalize on the increasingly large markets in Africa.