Kenya Commercial Bank in a statement has revealed that they have plans to open a branch in China. The move comes as a result of increased trade ties that exists between the Asian country and African countries, Kenya being on the lead.
China in recently has proven to have close ties with Rwanda, South Africa, and Zambia, and was Kenya’s largest importer in last year, importing goods roughly valued at KSh372 billion ($3.72 billion).
The lender currently operates in Kenya, Tanzania, Uganda, Rwanda, Burundi, and South Sudan. It has plans to start a unit in Ethiopia, East Africa’s fastest growing economy.
“We hope to use the office to lower cost of transactions between the Chinese and East African business community by enabling payment for imports and exports in local currencies,” said KCB’s Chief Finance Officer Mr. Lawrence Kimathi.
The bank has confirmed that they do have plans to incorporate the Yuan in all its subsidiaries in and out of Kenya.
Previously, there has been increased demand for Chinese currencies as it lowers the cost of transactions for the African and Chinese trader.
Notably, the increased demand for the currencies has been brought about by the growing ties between the Asian Nation and Africa.
In 2018, the regional subsidiaries largely contributed to the bank’s high net earnings which amounted to KSh24 billion.
According to Mr. Lawrence, the bank is negotiating with government officials in China, and they expect to start operating in the country by June 2019.
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