Business / News
Saturday, 09 Sep 2017 15:11 EATnewsdesk@kenyafreepress.com
The Central Bank of Kenya (CBK) has announced the granting of authority to Société Générale (SG) of France to open a Representative Office in Kenya. The authority was granted pursuant to Section 43 of the Banking Act following fulfillment of the stipulated authorization requirements.
Representative Offices of foreign banks serve as marketing and liaison offices for the banks and affiliates and are not allowed to conduct banking business. Société Générale is one of the leading financial services groups in Europe and is headquartered in Paris, France.
Its core businesses are managed through three segments: French Retail Banking, International Retail Banking and Financial Services, and Global Banking and Investor Solutions. 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.
Kenya is SG’s first entry into Eastern 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.