CBK grants Bank of China authority to open office in Kenya
The Central Bank of Kenya has granted Bank of China the authority to open a representative office in the country. Photo/File
The Central Bank of Kenya has granted Bank of China the authority to open a representative office in the country.
The office is the bank’s first in East Africa and the fifth foreign bank to be authorised by the Central Bank to establish a representative Office in Kenya.
The others are HDFC Bank Limited, Ned bank , The Hong Kong and Shanghai Banking Corporation and FirstRand Bank.
A statement from CBK said Bank of China is seeking potential business opportunities in the country, and will evaluate prospects of a long-term presence in Kenya and the wider East African region.
“BOC’s Representative Office will market the products and services of Bank of China Ltd to existing and prospective customers in Kenya and the East African region, conduct market research and act as a liaison between the Bank of China Limited’s head office and its customers”
No banking business
Bank of China will not engage in banking business since Kenya’s Banking Act only allows a representative office of a foreign bank in Kenya to “only engage in marketing and liaison roles” with the parent company.
Kenya has continued to attract growing international interest from renowned international financial institutions as a preferred base for their regional operations.
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