JPMorgan Chase, the largest US lender, plans to enter Kenya and Cote d’Ivoire this year and grow its footprint in Africa, CEO Jamie Dimon told Reuters.
International markets are a growth area for JPMorgan, which has more than $4.2 trillion in assets and operates in over 100 countries. That compares with Citigroup, which does business in almost 180 countries and has the largest global footprint among US banking giants.
“We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so,” Dimon said by phone from New York before departing on a trip to Africa. The countries and pace of expansion have not previously been reported.
Dimon will hold meetings in Kenya, Nigeria and South Africa on the tour, Reuters reported last month.
“This will allow us to be on the ground in these countries which gives you a lot more local knowledge and relationships,” Dimon said.
“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.
In Kenya and Cote d’Ivoire, the bank will focus on commercial and investment banking, treasury services, and possibly some lending, Dimon said. In those two countries, it has no immediate plans to offer asset and wealth management (AWM) services, which are already available in South Africa and Nigeria.
“We are not doing AWM now but that doesn’t mean it wouldn’t happen in the next few years,” Dimon said.
JPMorgan’s earlier aspirations to enter Ghana and Kenya in the last several years were thwarted by regulators, according to media reports.
On Monday, the Central Bank of Kenya said it authorised JPMorgan to establish a representative office there.
In the past, “the US government was not very keen on banks expanding into different geographies, as this was just after the financial crisis,” Dimon said noting the US is now more supportive.
