Central Bank Governor Patrick Njoroge (Photo / nation.co.ke)
The Central Bank of Kenya (CBK) has welcomed plans by America’s largest bank J P Morgan Chase & Co’s to set up operations in Kenya.
JP Morgan mid this week announced that plans to expand operations into the Kenya market as it seeks to tap in on deals within East Africa.
CBK welcomed this move through a statement on Friday saying that the rising interest of different multinationals in the country confirm Kenya's growing economy makes it a premier regional financial hub.
“The Central Bank of Kenya welcomes the enthusiastic interest shown by international financial institutions in Kenya,” the statement read. “Several institutions have outlined plans to set up, or expand, operations in Kenya, a natural hub for serving the African continent.”
JP Morgan will be among other multinational banks that have recently Ventured into the Kenyan market including Russia’s largest privately-owned banks, Promsvyazbank, that announced its plans in August last year.
Mauritius’s second-largest lender, SBM Holdings, recently acquired Fidelity Bank and chase.
Other multinational banks that have come to the market include Dubai Islamic Bank, FirstRand Bank of South Africa, Bank of China, HDFC Bank of India, Bank of Kigali, Mauritius Commercial Bank and Dutch lender Rabobank Nederland.