JPMorgan Chase, the largest US lender, is expanding its reach into Africa with plans to enter Kenya and Cote d’Ivoire this year. CEO Jamie Dimon expressed the bank’s goal to add a country or two in Africa every couple of years to enhance their presence on the continent. With over $4.2 trillion in assets, JPMorgan operates in over 100 countries and sees international markets as a key growth area.
Dimon will be visiting Kenya, Nigeria, and South Africa to establish local relationships and gain valuable insights. In Kenya and Cote d’Ivoire, the focus will be on commercial and investment banking, treasury services, with potential for lending in the future. While asset and wealth management services are currently available in South Africa and Nigeria, they are not on the immediate agenda for the new markets.
In the past, regulatory hurdles prevented JPMorgan from entering markets like Ghana and Kenya, but recent authorizations from the Central Bank of Kenya now pave the way for expansion. With a more supportive environment from the US government post-financial crisis, JPMorgan is looking forward to establishing a stronger presence in Africa.
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