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CBK cancels licence for Indian bank's Kenya office

The Central Bank of Kenya. FILE PHOTO | NMG
The Central Bank of Kenya. FILE PHOTO | NMG 

The Central Bank of Kenya (CBK) has cancelled a licence given to the Central Bank of India (CBI) to operate a representative office in the country following the latter’s decision to close operations in international markets.

The CBI, a commercial bank, was in 2013 awarded a licence to open a representative office in Nairobi as the Indian lender sought to financial deals in the region.

Representative offices represent a bank or any other financial institution incorporated outside the country, holding a valid licence obtained the relevant authorities who also oversee its operations.