French lender Société Générale has been granted a license by the Central Bank of Kenya to establish a representative office in Kenya.
Headquartered in Paris, France, Société Générale is the third largest bank in France by total assets and sixth largest in Europe. The Kenya licence marks SG’s first entry into Eastern Africa region.
“The authority was granted pursuant to Section 43 of the Banking Act following fulfillment of the stipulated authorisation requirements.” CBK said in a statement.
Representative Offices of foreign banks serve as marketing and liaison offices for their foreign parent banks and affiliates and are not allowed to conduct banking business.
Globally, SG has a footprint in 66 countries in Europe, North and South America, Middle East, Africa and Asia. In Africa, it has presence in 18 countries in North, West, Central and South Africa. The Representative Office will support the growing trade and investment links between Kenya and France. It will also allow deepening of SG’s regional footprint with Kenya as its anchor in Eastern Africa.
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