Netherlands Bank Gets CBK Nod to Set Up Shop in Kenya

Rabobank Nederland has received authority from Central Bank to open an office in Kenya, underlining the growing interest in the frontier market from international lenders.

Rabobank Nederland

Rabobank Nederland is owned by cooperatives in Netherlands and has a presence in 43 countries across Europe, Asia, South America and Africa. In Africa, Rabobank has invested through local banks in Zambia, Tanzania, Rwanda and Mozambique.

“The Central Bank of Kenya has granted authority to Rabobank Nederland to open a representative office in Kenya. The representative office is expected to support and deepen the growing trade relationship between Kenya and Netherlands,” said CBK governor Professor Njuguna Ndung’u.

The representative office can strike financing deals for its parent company but is not allowed to collect deposits from the public.

Netherlands is the second largest consumer of Kenya’s goods outside of Africa. Last year, Kenya exported goods worth Sh32.5 billion to Netherlands and imported goods worth Sh24 billion. The exports largely constitute of horticulture goods.

Rabobank joins a growing list of international banks like HSBC, Central Bank of India that have set base in Kenya seeking a slice of big-ticket infrastructure and oil transaction deals.

– Business Daily