Jamie Dimon cites JPMorgan’s expansion in Africa – report

JPMorgan Chase (NYSE:JPM) plans to enter Kenya and Ivory Coast this year as the biggest U.S. lender is set to expand its footprint in the continent, Reuters reported, citing CEO Jamie Dimon.

“We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so,” Dimon told Reuters over phone before departing on a trip to Africa.

“This will allow us to be on the ground in these countries, which gives you a lot more local knowledge and relationships,” Dimon added. “And when you do it, you basically will cover the government, maybe some big government enterprises and the multinationals that are going in there with traditional banking services.”

The bank will focus on treasury services, commercial and investment banking, and perhaps some lending in Kenya and Ivory Coast. Asset and wealth management services, which are already available in South Africa and Nigeria, are not currently lined up for Kenya and Ivory Coast.

“We are not doing AWM now but that doesn’t mean it wouldn’t happen in the next few years,” Dimon said.

Jamie Dimon will hold meetings in Kenya, Nigeria, and South Africa, and this marks his first visit to Africa in the last seven years.

“The U.S. government was not very keen on banks expanding into different geographies, as this was just after the financial crisis,” Dimon said, noting the U.S. is now more supportive.

This strategic move reflects JPMorgan’s (JPM) commitment to tapping into the growing economic potential of African markets, aligning with global trends in investment and finance.

In the short term, the growth might not significantly affect JPMorgan’s (JPM) operations, but in the longer run, it will benefit the lender and its future executives, Dimon stated.

The Central Bank of Kenya said on Monday that it has given the U.S. banking giant a green light to set up a representative office in Kenya, after nearly 12 years of first disclosing the plan.