JP Morgan Chase is ready to expand to Ghana and Kenya

godfred akoto

January 25, 2018 5:36 AM

The bank wants to have a say in two of Africa's most valuable banking markets

US lender JP Morgan Chase & Co has announced its intention to make forays into Ghana and Kenya as part of its expansion plan.

The announcement was made by the Chief Executive Officer of the bank, Jamie Dimon at the World Economic Forum in Davos, Switzerland.

Three years after been turned away by both countries after its first attempt, Dimon feels his company is ready.

“You’ll see us open in some countries we are not in, in Africa you’ll be hearing about some of that stuff."

When the bank was turned away in 2012, Dimon, revealed a strategy to get around the obstacles of the time by banking multinational companies and the biggest institutions in those markets.

JPMorgan managed the Kenyan government’s debut $2 billion Eurobond sales in 2014 and, along with Citigroup, financed planes for national carrier Kenya Airways Ltd.

In Ghana, JPMorgan has financed government power plants among other large-scale projects.

The bank's African ventures have not all proven successful with the Federal Republic of Nigeria recently filing a suit in a London court, demanding $875 million as compensation for negligence by the bank in the transfer of funds.

godfred akoto