President William Ruto has announced that JP Morgan, the world’s largest bank by assets, has received approval from the Central Bank of Kenya to establish a representative office in Nairobi.
The new office will act as a liaison and marketing hub for JP Morgan and its subsidiaries, solidifying Kenya’s growing position as a key player in the regional financial market.
Speaking at State House, Nairobi, after a meeting with JP Morgan CEO Jamie Dimon, President Ruto highlighted the significance of this move for Kenya’s economy.
“Kenya’s diversified and dynamic economy has tremendous appeal to global investors, and JP Morgan’s presence will further position Nairobi as a financial center for the East African region,” said President Ruto. “This is a major vote of confidence in Kenya’s economic prospects and a step towards attracting more international investment.”
While the representative office will not be involved in direct banking activities, it will explore business and investment opportunities in Kenya and across East Africa.
Dimon’s visit to Kenya was part of a larger African tour, reflecting growing interest from global financial institutions in tapping into the potential of African markets.
President Ruto emphasized the government’s commitment to creating an enabling environment for international investors, adding that JP Morgan’s entry aligns with Kenya’s vision of becoming a regional financial hub.
The opening of JP Morgan’s office in Nairobi is expected to attract more multinational companies to the country, driving economic growth and enhancing Kenya’s stature in global financial circles.
