French banking multinational, Group Societe Generale has been granted a license to open a representative office, Central Bank of Kenya (CBK) announced today.
In a press statement, CBK said the banking group had been granted the license after fulfilling the stipulated authorisation requirements.
“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,” said CBK in the statement.
Headquartered in Paris, France Société Générale is one of the leading financial services group in Europe. CBK said 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 Eastern Africa anchor. Societe Generale core businesses are managed through three segments: French retail banking, international retail banking and financial services, and global banking and investor solutions.
Globally, the banking group 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. Kenya is SG’s first entry into Eastern Africa.