Britain’s Prudential chooses Nairobi for its Africa headquarters

Britain’s Prudential chooses Nairobi for its Africa headquarters

Britain’s Prudential chooses Nairobi for its Africa headquarters

Market news

Britain’s Prudential chooses Nairobi for its Africa headquarters

Wednesday July 28, 2021

Nairobi city skyline. FILE PHOTO | NMG

Britain’s Prudential chooses Nairobi for its Africa headquarters

By CHARLES MWANIKI
More from this author

Summary

  • British underwriter Prudential Plc will establish its Africa headquarters in Nairobi after signaling its intention to join the Nairobi International Finance Center (NIFC) as one of its anchor clients.
  • NIFC Acting Chief Executive Officer Oscar Njuguna told Business Daily that Prudential wants to grow its regional business aggressively, having established operations in eight African jurisdictions.

British underwriter Prudential Plc will establish its Africa headquarters in Nairobi after signaling its intention to join the Nairobi International Finance Center (NIFC) as one of its anchor clients.

NIFC Acting Executive Director Oscar Njuguna said the Business Daily that Prudential wants to grow its regional business aggressively, having established operations in eight African jurisdictions.

Prudential Tuesday in London submitted a letter of intent to join the NIFC, becoming the first firm to show concrete interest in joining the nascent financial hub that has only recently been fully operational.

“They (Prudential) are in the process of establishing their African headquarters in Nairobi … and the NIFC offering is attractive to them as they carry out cross-border activities, as they will benefit from some of the incentives we offer, such as work permits. accelerated for key executives, ”said Mr. Njuguna.

The NIFC also signed a memorandum of understanding with TheCityUK, an industry-led body representing UK-based financial and related professional services.

This association is expected to provide lobbyists with access to gauge their appetite for investing in Kenya and the region through the NIFC.

“Through collaboration with partners like TheCityUK, the NIFC will attract increased investment and funding to the country, which will not only contribute to broader efforts to drive economic growth after the pandemic, but will also support the achievement of our broader economic targets under Kenya’s Vision 2030 Roadmap, ”said Treasury CS Ukur Yatani.

The lobby also includes the London Stock Exchange, which previously also agreed a memorandum of understanding with the Kenyan government for the cross-listing of energy companies in London and Nairobi.

Kenya hopes to attract companies to operate within the financial center by offering a number of incentives including tax refunds, faster processing of regulatory applications, and faster processing of work permits for international staff. These companies are then expected to bring capital flows to Kenya, create high-quality jobs for locals, and provide long-term transfers of skills.

Business