Kenya strengthens plans to become African financial hub

21/06/2011 - Kenya property & investment news Posted by Neil King
Kenya strengthens plans to become African financial hub

Kenya is set to become one of Africa's top financial centres as Standard Chartered Bank has announced that its new head office in Nairobi will be its regional hub.The site will support operations in Uganda, Tanzania, Zambia, Botswana and South Africa, Business Daily Africa reported.Built at a cost of Sh3.3 billion, the bank is expected to boost Kenya's economy and status in the business world.It comes after HSBC announced that it has acquired a banking licence from the Central Bank of Kenya to set up an office in Kenya to serve East Africa.Sir John Peace, group chairman of the London-based Standard Chartered Bank, said: "We are keen to finance the trade opportunities arising from the huge capital inflows into the continent from China and India in infrastructure development, agriculture and consumption."Kenya has also been witness to new operations from Visa International in Nairobi, while the news provider reported that JP Morgan Chase is considering establishing an office in Kenya's capital.