Bank of Kigali (BK) has been licenced to operate in Kenya, making it the first foreign bank from the East African Community (EAC) to set up operations in Nairobi.

The Central Bank of Kenya (CBK), in a statement on Tuesday said that it had authorised BK to set up in Kenya, a move that will allow it to expand its business in the region.

BK, which is listed on the Rwanda Stock Exchange, is Rwanda’s largest lender by assets.

“The Bank of Kigali through its representative office in Kenya seeks to explore potential business opportunities in the country with a view to evaluating the prospects for a long term presence in Kenya,” said CBK.