The Central Bank of Kenya (CBK) has licensed Central Bank of India, a commercial bank to open a representative office in Nairobi. File
The Central Bank of Kenya (CBK) has licensed Central Bank of India, a commercial bank, to open a representative office in Nairobi.
The CBK said that it has granted the Indian bank the license to open a representative office which makes Central Bank of India the sixth licensee and the second Indian bank to have a representative office.
“The Authority, issued pursuant to Section 43 of the Banking Act (Cap 488), makes CBI the sixth foreign bank to be authorised by the Central Bank to establish a representative office in Kenya,” said a statement released by the CBK.
Bank of China Limited, FirstRand Bank Limited, Nedbank Limited both of which are South African, HDFC Bank Limited (India ) and HSBC Bank Plc are the other licenses.
CBK said that the new office will act as a marketer and liaison for its parent company, based in Mumbai, but will not engage in core banking.
Central Bank of India primarily engages in corporate and personal banking and investment banking but for Kenya the bank’s activities will be focused on increasing trade between the two countries.
“It is anticipated that the newly authorized representative office will facilitate and support the growing trade links between Kenya and India,” said the CBK’s statement.
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