JPMorgan Chase plans African expansion

JPMorgan Chase, the largest US lender, is planning to enter Kenya and Ivory Coast this year as part of its strategy to expand in Africa, CEO Jamie Dimon announced. The bank will focus on commercial and investment banking in both countries, with no immediate plans for wealth management services. Dimon also hinted at further African expansion in the future.

“We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so,” Dimon said, ahead of his trip to the continent. He emphasised the importance of being on the ground.

After overcoming previous regulatory hurdles, JPMorgan has received approval to set up a representative office in Kenya. Dimon underscored the need for US firms to compete globally. He sees long-term benefits in growing the bank’s footprint across Africa.

Attribution: Reuters

Subediting: M. S. Salama