March 4th 2023.
JP Morgan, the biggest bank in America and a major player in the financial industry, now has a branch in Nairobi, Kenya. Techcabal reported that this move symbolizes Africa's eagerness to be part of JP Morgan. The bank already had offices in Nigeria, Egypt, and South Africa; their history in Nigeria and Egypt going back to 1960 and 1979 respectively, while the bank recently opened in South Africa.
The new JP Morgan branch in Kenya will manage businesses from the East African region. According to an interview with Jamie Dimon, the bank's CEO, in 2018, he said JP Morgan had appointed a special team of bankers to extend its connections in Africa, particularly in Kenya and Ghana. Dimon also highlighted the bank's intention to serve large multinationals who lack expertise in handling huge transactions, which are not served by local investment banking firms.
“We have added corporate bankers in countries overseas. We stopped because of the crisis and regulatory issues,” Dimon said. “We go there, we serve the country, we serve their universities, power plants.”
William Ruto, Kenya's president, praised the new move as a “vote for Kenya’s emerging success in the global marketplace.” Techcabal reported that Ruto also met with JP Morgan’s vice-chairman and global head of public sector group, Daniel Zelikow. The two men talked about the need for development financing to be responsive to climate change.
JP Morgan, headquartered in New York City, has offices in 100 countries around the world. It has a London EMEA headquarter and is devoted to encouraging sustainable economic progress in the region, according to Techcabal. Its arrival in East Africa is anticipated to generate job opportunities, help cultivate sustainable local companies, and bring in more foreign investment to the country, the outlet stated.
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