For a Kenyan to open a bank account for a company, they often have to fake a board meetings’ minutes and spend days getting details of ceremonial directors. “Account opening was a very difficult process because of communication breakdown, so they brought in a Chinese relationship manager,” the source explained. This subnormal cover up encouraged by the country’s bankers and partly sanctioned by the regulators has helped some organisations linked to Chinese nationals operate under the veil of secrecy. “We have a wide range of products available to our Chinese clients supported by the largest Balance Sheet in the region. In September 2014 NBK launched a Chinese division to tap into revenue from Chinese businesses.

Source: Standard Digital April 18, 2017 05:26 UTC