On Tuesday the Central Bank of Kenya granted Bank of China a license to open a representative office in the country. This comes at a time when Kenya has deepened its trade relations with China, partnering in major developments like road infrastructure. The Asian giants are expected to use Nairobi as their hub to penetrate African markets.

Here are some interesting facts about this new entity in the Kenyan banking sector:

• It is the oldest bank in China which was founded by the government in 1912
•  The bank is ranked the third largest bank on market capitalisation standards by Forbes
•  In 2010, it was named the “Best Corporate Lending Bank in China” by Global Finance.
• It will be the fifth foreign bank to open a representative office in Kenya after Hong Kong and Shanghai Banking Corporation (HSBC), Indian based HDFC bank, and South African based Nedbank and First Rand Bank
• The newly authorized Representative Office will be Bank of China’s first in East Africa
• Outside of the mainland, Bank of India operates in only 27 countries. Out of these 27, only two are African countries. Kenya will be the third African country it operates in after Zambia and South Africa
• So far, Bank of China is ranked as the most international bank in China With branches in every continent.  As of 2010, it had over 600 overseas branches
• The Bank, headquartered in Beijing, is substantially owned by a Chinese Sovereign Wealth Fund, which held 69.265% of the bank’s equity as of June 7, 2006
• In Kenya, Bank of China will focus on corporate and personal banking, investment banking, treasury and asset financing services
• According to the Central Bank of Kenya, the bank will market products and services of Bank of China Ltd to existing and prospective customers in Kenya and the East African region, conduct market research and act as a liaison between the Bank of China Limited’s head office and its customers

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