JPMorgan Chase & Co. has established representative offices in Kenya and Ivory Coast as part of its strategy to expand its presence in East and West Africa, reports Bloomberg. The largest bank in the U.S. has appointed Sailepu Montet, a former Kenyan central banker, to oversee its operations in Kenya. Meanwhile, Michael Ahonzo Avou will manage the bank’s business in Ivory Coast. Montet previously held roles as deputy director of financial markets and head of reserves management at the Central Bank of Kenya, and has also worked with Barclays Plc and Absa Group Ltd. Avou was formerly the managing director of Société Générale Asset Management West Africa.
This move coincides with JPMorgan CEO Jamie Dimon’s first visit to Africa in seven years, which includes stops in Nigeria, South Africa, and Kenya. The bank is expanding its operations on the continent as part of its broader goal to increase its global footprint, which already spans more than 100 countries. “Our aim is to establish a presence in more African countries, ensuring that the next generation will have a footprint here,” Dimon remarked during a Nigerian Economic Summit Group event in Abuja. "We are very optimistic about Africa’s future."
Currently, the bank employs around 160 people in the region, the majority of whom are based in South Africa, its primary hub in Africa. In South Africa, JPMorgan offers a range of services, including custody, payments, investment and commercial banking, and equity research. JPMorgan is also considering whether to pursue a full banking license in Nigeria, according to a source familiar with the matter. The bank’s spokesperson declined to comment on these potential plans. Dimon noted, “Nigeria is a major country, with one of the fastest-growing populations globally, and it has a bright future.”
In Kenya, JPMorgan has been working to establish a unit for several years. In 2012, the bank sought to launch banking operations in both Kenya and Ghana to build stronger relationships with governments and multinational corporations. However, the plans were halted when then-U.S. Comptroller of the Currency, Tom Curry, deemed the move too risky, according to a 2019 Bloomberg report.
The relationship between Kenya and the U.S. has strengthened, particularly after Kenyan President William Ruto became the first African leader in 16 years to pay an official state visit to the U.S. Citigroup Inc., the largest international bank in Kenya, has been operating there for 50 years.
