JP Morgan Chase CEO Jamie Dimon is set to visit Kenya next month, as part of a broader African tour aimed at expanding the bank’s footprint on the continent, Reuters first reported.
Dimon’s visit, his first in seven years, will include stops in Kenya, Nigeria, South Africa, and Ivory Coast.The trip comes at a time when JPMorgan is accelerating its growth plans in Africa, despite facing regulatory challenges in Kenya.In February 2023, JPMorgan announced the opening of its new regional office in Nairobi, located at the GTC Office Tower in Westlands.
The Nairobi will oversee the bank’s operations in East Africa, with a focus on serving U.S. multinationals, wealth funds, and educational institutions expanding into the region.
However, despite the office’s inauguration, JPMorgan has yet to secure a banking license from the Central Bank of Kenya (CBK), a delay that has slowed its operational expansion in the region according to sources close to the discussions. Dimon’s upcoming visit is expected to include high-level meetings with Kenyan government officials, where the license issue is likely to be a key topic of discussion.
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