If successful, the bank will be one of the first East African financial institutions to set base in China. A Kenyan back has expressed plans to open an office in the Chinese capital, Beijing, with the aim of easing business transactions between Chinese and Kenyan companies.
The Kenya Commercial Bank (KCB) says plans are underway to acquire operation permits from Chinese authorities to enable them set base in Beijing.
If successful, the bank will be one of the first East African financial institutions to set base in China.
“The representative office in China will have a trade focus and act as a liaison for entities trading between Kenya and China,” Xinhua News Agency quotes Lawrence Kimathi, chief finance officer KCB Group.
KCB’s Beijing office will not undertake any banking activities, but will seek to provide a platform for Chinese investors who eye the Kenyan market.
KCB is Kenya’s biggest bank by assets, and has presence in Uganda, Tanzania, Rwanda, Ethiopia, Burundi and South Sudan.
China and Kenya enjoy cordial economic relations which has seen many Chinese investments set up in the East African country.
In addition, many Chinese technocrats are based in Kenya, which prompts local banks to focus their attention on customizing their services to fit the Chinese needs.
Other than setting up a representative office in China, KCB has also expressed interest in entering the Central African market as it targets to become a continental brand.