Addis Ababa, Ethiopia ( 23 February 2023)
JP Morgan, the largest bank in the US, has opened a regional office in Nairobi, Kenya to serve as a hub for its operations in East Africa.
The move is part of the bank’s strategy to expand globally, and it has expressed its commitment to serve US multinationals, wealth funds, and universities in Kenya. The bank has already established offices in South Africa and Nigeria, and its expansion into Kenya is expected to attract more foreign investment to the country and create job opportunities.
The decision to open the regional office comes after the bank’s CEO, Jamie Dimon, announced in 2018 that the bank had hired a special team of bankers to help coordinate and expand its relationships in Kenya and Ghana. Despite regulatory issues in the two countries in 2015, JP Morgan has expressed its interest in expanding its services and targeting large multinationals that are not well-served by local investment banking firms due to a lack of expertise to handle large transactions.
Kenya’s President William Ruto has hailed JP Morgan’s move as a “vote for Kenya’s emerging success in the global marketplace.”
Source: The Kenyan Wall Street
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