Jamie Dimon, Chief Executive Officer of JPMorgan Chase &
Co., which has offices in South Africa and Nigeria, said the bank
wants a presence in more African countries to spur growth, even after
regulators in Ghana and Kenya refused the lender entry.
“We’ll hopefully start opening branches again
in Africa,” he said in a Bloomberg Television interview with Stephanie
Ruhle earlier this week. “I’m not doing that because it’s going to affect
earnings in the next couple years. I’m doing that because that forms the base
for the next generation.”
JPMorgan joins banks including Barclays Plc, BNP Paribas SA
and Citigroup Inc. that have added operations in Africa to gain from
the continent’s economic growth.
JPMorgan was refused entry by regulators in Ghana and Kenya
in the past two years, according to Dimon, who said the New York-based lender
would get around these obstacles by banking multinational companies and the
biggest institutions in those markets. This is how the bank will build for the
future and “win,” he said.
JPMorgan managed the Kenyan government’s debut $2 billion
Eurobond sales last year and, along with Citigroup, is financing planes for
national carrier Kenya Airways Ltd.
In Ghana, JPMorgan finances government power plants among
other large-scale projects, Dimon said.
“We’re not doing retail,” he said. “We’re not doing stuff
like that. So, I would say it’s rather low risk. We’re going to do a bunch of
things and serve the clients who already want us to be there.”
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