JPMorgan Chase plans to expand its footprint in Africa, beginning with Kenya and Ivory Coast, according to CEO Jamie Dimon. The US’s largest lender aims to enter a new African market every few years, focusing initially on commercial and investment banking, treasury services, and possibly lending. While it already offers asset and wealth management in Nigeria and South Africa, it has no immediate plans to do the same in Kenya and Ivory Coast. However, such services may be introduced later. Regulatory hurdles previously prevented JPMorgan from entering Ghana and Kenya, but Kenya’s central bank has now approved a representative office. Dimon’s expansion strategy focuses on building local knowledge and relationships, targeting government entities and multinational corporations. Despite the challenges of competing in markets dominated by regional banks, Dimon believes US financial institutions must expand abroad to compete with global players like China.
SOURCE: REUTERS
CEO Jamie Dimon Reveals JPMorgan’s African Ambitions
