The radio, infrared and optical counterparts of the hard X-ray source GRS 1734-292 (l^II=358.9^o, b^II=+1.4^o) are reported. The optical spectrum exhibits broad (>1000 km s^-1) H alpha emission at a redshift of 0.0214+/-0.0005. The radio counterpart is a double-sided synchrotron jet of 5 arcsec, which at a distance of 87 Mpc corresponds to a size of 2 kpc. The multiwavelength observations of GRS 1734-292 indicate that this X-ray source is a Seyfert 1 galaxy behind 6+/-1 magnitudes of visual absorption.