JPMorgan Chase Chief Executive Jamie Dimon plans to travel to Africa in mid-October as the largest U.S. lender seeks to expand on the continent, his first trip there in seven years, four people familiar with the matter told Reuters.
Two sources said Dimon is expected to visit Kenya, Nigeria, South Africa and Cote d’Ivoire during the trip next month. JPMorgan already has offices in South Africa and Nigeria, where it offers asset and wealth management services as well as commercial and investment banking.
Overseas markets have been a key focus area for growth for JPMorgan Chase – which has assets of more than $4.1 trillion and operates in more than 100 countries.
Kenyan President William Ruto said in February 2023 after meeting with a senior JPMorgan executive that the bank had pledged to open a new office in Nairobi.
It was not immediately clear how close JPMorgan was to opening branches in these countries.
Analysts say major global banks are seeking a bigger share of sovereign debt and commercial transactions in Africa, while also aiming to serve more international companies with operations on the continent, said Eric Musau, head of research at Nairobi-based Standard Investment Bank.
International lenders are looking to increase their revenues by offering wealth management services that provide access to investments such as overseas equities, debt and mutual funds, Musau added.
Megabanks also offer private banking services, seeking to differentiate themselves from the local and regional lenders prevalent in retail markets.
While most consumers on the continent have access to financial services through local and regional commercial banks, private banking “is where the next evolution will be,” said Francis Mwangi, CEO of Kestrel Capital, a Nairobi-based brokerage firm.
JPMorgan Chase is among the top five international private banks by assets under supervision, and growth in overseas markets is a key priority, it said in May.
Last May, JPMorgan Chase President Daniel Pinto told investors that about 700 bankers had been involved in expanding to 27 new locations around the world over the past five years, generating $2 billion in revenue for its commercial and investment bank.
JPMorgan has an advisory board of senior international executives and former policymakers with ties to Africa, including Nigerian billionaire Aliko Dangote and former British Prime Minister Tony Blair, who founded the Africa Governance Initiative.
Major global lenders have adopted different strategies for individual markets in sub-Saharan Africa, targeting the fastest-growing regions while seeking to differentiate themselves from local and regional competitors.
Standard Chartered has focused on markets such as Kenya. It said assets under management in Kenya grew by a quarter last year to 185.5 billion Kenyan shillings ($1.4 billion).
The lender sold its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone last year.
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