According to reports, JPMorgan Chase CEO Jamie Dimon is planning a trip to four African countries in mid-October. The move is seen as a push for the biggest U.S. lender to expand on the continent.
Details
Jamie Dimon is expected to visit Kenya, Nigeria, South Africa and Ivory Coast during the trip. JPMorgan already has offices in South Africa and Nigeria where it offers asset and wealth management and well as commercial and investment banking services.
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In 2018, JP Morgan looked at entering the market in Ghana and Kenya but was blocked by local regulators.
The Big Picture
According to Eric Musau, head of research at Nairobi-based Standard Investment Bank, major global banks are seeking to gain a bigger share of sovereign debt and corporate transactions in Africa, while also aiming to serve more international companies that have operations on the continent.
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, Musau added.
Zoom In
JPMorgan has an advisory board of international executives and former policy makers that have links to Africa, including Nigerian billionaire Aliko Dangote and former British Prime Minister Tony Blair who founded the Africa Governance Initiative.
Source: Reuters
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