Following the authorization by the Central Bank of Kenya (CBK) to the United States (US) based bank JPMorgan Chase to open a branch in Kenya, the American lender has appointed a head of its new Kenyan office.
CBK announced the authorization of JPMorgan Chase Bank‘s representative office in line with the Banking Act in a statement on Monday, October 1.
JPMorgan Chase Bank N.A is a financial conglomerate domiciled in the USA. It operates in over 60 countries worldwide, offering services ranging from asset and wealth management, commercial banking, investment banking and financial technology.
The bank has since appointed Sailepu Montet as the head of their Kenyan representative office following the authorization.
Montet boasts of a highly decorated career in the banking sector and has previously worked at the CBK.
Prior to as appointment as the head of JP Morgan Chase Bank’s representative office in Kenya, Montet worked as at the CBK as the Deputy Director, Financial Markets and Head of Reserves Management, a role he assumed in July 2021.
Sailepu Montet
Before joining CBK, the new head of JP Morgan’s Kenyan office worked for more than 15 years at Absa Bank.
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Sailepu’s career at Absa (previously Barclays), started in 2005 when he was appointed as the Bank’s Executive Assistant to the Regional Managing Director.
He assumed the role up to 2008, when he was promoted to Senior Dealer, a role he played for 6 years before being appointed as the Head, Balance Sheet Management in June 2014.
In addition, Sailepu held the role of Barclays Bank of Kenya.
His last role at the lender was
2002.
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He also holds a master’s in business economics (MSc)
JPMorgan Chase Bank in Kenya
CBK while announcing the authorization highlighted that the bank will operate in line with the Banking Act’s requirement of Representative Offices of foreign banks in Kenya to serve as marketing and liaison offices for their parent banks and affiliates, denying them permission to undertake banking business.
In establishing a presence in Kenya, JPMorgan Chase Bank N.A. seeks to explore business opportunities in Kenya and the wider East African region.
CKS said JPMorgan Chase Bank N.A Representative Office Kenya will contribute to the diversity of Kenya’s financial sector and catalyse trade and investments.
Additionally, CBK added that the authorization of the Representative Office affirms Kenya’s standing as a premier financial services hub.
The multinational company had already expressed interest in establishing a branch in Nairobi, Kenya.
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