Central Bank of Kenya (CBK) has permitted JPMorgan Chase Bank to set up a regional representative office in Nairobi, ahead of an expected visit by its CEO Jamie Dimon to Kenya.

The new regional office will act as the East African hub for JPMorgan Chase, one of the world’s largest banks, to serve Kenya, all US multinationals, wealth funds and universities.

The approval by CBK now allows the representative office in Nairobi to sign agreements on behalf of its parent company while being shielded from collecting deposits from the public.

In an announcement on Monday, the Kenyan banking regulator announced that the US banking giant has its nod to establish presence locally as it eyes presence across Africa.

The strategic move by JPMorgan Chase, which already has presence in South Africa and Nigeria, brings to 10 the number of international banks with representative officers in Kenya

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“The JPMorgan Chase Bank N.A Representative Office Kenya will contribute to the diversity of Kenya’s financial sector and catalyze trade and investments,” said CBK in a statement.

The regulator added: “Additionally, the authorization of the Representative Office affirms Kenya’s standing as a premier financial services hub.”

A representative office permits foreign banks to sell their products and services locally and liaise between the parent company and local clients but they are not allowed to undertake primary banking business.