Reports show that the CEO of JPMorgan Chase, Jamie Dimon plans to travel to Africa in mid-October to expand his business in the continent.
According to Reuters, this U. S. Lender will embark on this trip which is his first in seven years and will visit countries including: Kenya, Nigeria, South Africa and Ivory Coast.
It is reported that the company JPMorgan already has offices in South Africa and Nigeria where it offers asset and wealth management as well as commercial and investment banking services.
JPMorgan currently has assets worth over $4.1 trillion and operations in more than 100 countries. While Dimon had previous plans of entering Ghana and Kenya, local regulators have reportedly blocked JPMorgan’s growth plans. The administration of Kenya’s Ruto however gave JPMorgan an opportunity.
While it is not clear the intentions of Dimon to establish in these countries, International lenders are seeking to grow their revenues by offering wealth management services that provide access to investments like offshore equity, debt and mutual funds.
While JPMorgan’s operations continue to thrive in Africa, his intention to visit and probably establish more subsidiaries is a testament to the thriving nature of businesses in Africa.
According to Reuters, assets under management in the East African nation grew by a quarter last year to 185.5 billion Kenyan shillings ($1.4 billion), it said. The company however sold its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone last year.
Dimon’s JPMorgan Chase is an American multinational finance company headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world’s largest bank by market capitalization as of 2023. As a leader in the financial services industry, they offer investment banking, commercial banking, financial transaction processing and asset management.
