JPMorgan Chase CEO Jamie Dimon plans to travel to Africa in mid-October, marking his first visit to the continent in seven years, Reuters reported.
The biggest U.S. lender aims to expand its presence on the continent, according to four sources familiar with the matter.
Dimon is expected to visit Kenya, Nigeria, South Africa, and Ivory Coast, with JPMorgan already operating offices in South Africa and Nigeria, offering asset and wealth management as well as commercial and investment banking services.
JPMorgan’s expansion aligns with a trend among major banks like Barclays Plc, BNP Paribas SA, and Citigroup Inc., which have also increased their operations in Africa to tap into the continent’s economic growth and emerging opportunities.
Overseas markets have been a major focus for JPMorgan, which holds over $4.1 trillion in assets and operates in more than 100 countries. In 2018, Dimon mentioned plans to enter Ghana and Kenya, but these efforts were reportedly blocked by local regulators.
Kenyan President William Ruto announced in February 2023, after meeting with a senior JPMorgan executive, that the bank had committed to opening a new office in Nairobi.
JPMorgan is one of the top five international private banks by assets under supervision, with growth in overseas markets identified as a key priority.
Over the past five years, about 700 bankers have been involved in expanding into 27 new locations globally, which has generated $2 billion in revenue for its commercial and investment banking operations, according to JPMorgan’s President Daniel Pinto.
Last year, JPMorgan sold its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone.
