JPMorgan Chase, the largest lender in the United States, is set to enter the Kenyan and Ivorian markets this year as part of its ongoing expansion in Africa, CEO Jamie Dimon announced. The bank plans to focus on commercial and investment banking in both countries, with no immediate plans for wealth management services.
Dimon also indicated that the bank has long-term ambitions for further expansion across the continent, noting that JPMorgan aims to enter or deepen its presence in one or two African countries every few years.
“We want to add a country or two in Africa, every couple of years or so,” Dimon said, ahead of his trip to the continent. He emphasized the importance of having a physical presence in key markets to better compete globally.
JPMorgan has recently overcome regulatory challenges and secured approval to open a representative office in Kenya, marking a significant milestone in its expansion efforts. Dimon highlighted the strategic value of strengthening the bank’s footprint in Africa, which he views as crucial for sustaining the bank’s global competitiveness.
