JPMorgan Chase & Co. has opened new representative offices in Kenya and Ivory Coast as part of its strategy to expand its footprint in East and West Africa. This move signals the bank’s intention to deepen its presence on the continent.
The largest US bank has appointed Sailepu Montet, a former central banker in Kenya, to lead its operations in the country. Montet previously served as the deputy director of financial markets and head of reserves management at the Central Bank of Kenya and has worked with Barclays Plc and Absa Group Ltd. In Ivory Coast, Michael Ahonzo Avou will head JPMorgan’s business. Avou was formerly the managing director of Société Générale Asset Management West Africa.
JPMorgan’s expansion coincides with a visit to Africa by Chief Executive Officer Jamie Dimon, his first in seven years. Dimon’s trip covers Nigeria, South Africa, and Kenya, as the bank aims to strengthen its international reach, which already extends to more than 100 countries. “What we want to do is open in more countries in Africa so that over time the next generation has a footprint here,” Dimon said during the Nigerian Economic Summit Group event in Abuja, adding that the bank is optimistic about Africa’s future.
JPMorgan currently employs around 160 people across Africa, with the majority based in South Africa, its main regional hub. In South Africa, the bank provides a wide range of services, including custody, payments, investment, and commercial banking, as well as equity research.
In addition to its new offices, JPMorgan is considering pursuing a full banking license in Nigeria, although the company has not publicly commented on its plans for the West African nation. Dimon noted that Nigeria, with its large population and fast growth, holds significant potential.
JPMorgan has been interested in Kenya for years. In 2012, the bank attempted to establish operations in both Kenya and Ghana but was discouraged by the US comptroller of the currency at the time, Tom Curry, who deemed the move too risky. However, relations between the US and Kenya have improved, especially following Kenyan President William Ruto’s official visit to the US, the first by an African leader in 16 years.
Meanwhile, Citigroup Inc., the largest international bank in Kenya, has operated in the country for 50 years, positioning itself as JPMorgan’s main competition in the region.
With these expansions, JPMorgan is poised to build stronger relationships with governments and multinationals across the continent as it sets its sights on Africa’s economic future.
