JPMorgan Chase, an American international financial firm, has recently been granted a license to operate in Kenya. This move is part of the companys strategy to expand its presence in Africa. Additionally, the U.S. lender plans to establish itself in Ivory Coast.
With 4.3 trillion in assets, JPMorgan Chase currently operates in 100 countries, with few of them being in Africa.
In a phone call with Reuters in New York, the companys CEO, Jamie Dimon, revealed that he would soon be travelling to Africa. His itinerary includes visits to Nigeria, Kenya, and South Africa.
We want to add a country or two enter or deepen presence in Africa, every couple of years or so, he stated. This will allow us to be on the ground in these countries which gives you a lot more local knowledge and relationships. 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, he added.
The CEO mentioned that when the banks operations in Kenya and Ivory Coast are set up, they will focus on commercial banking and investment services, with the possibility of also offering loans.
