CBK Welcomes JP Morgan’s Expansion Plan into Kenya

JPMorgan Chase & Co. (JPM.N), an American multinational banking and financial services holding company will expand into Kenya and Ghana in the course of 2018.

“You’ll see us open in some countries we are not in. In Africa you’ll be hearing about some of that stuff,” chief executive Jamie Dimon told Bloomberg Television on the sidelines of the World Economic Forum meeting in Davos, Switzerland.

The Central Bank of Kenya  “…welcomes the enthusiastic interest shown by international financial institutions in Kenya. Several institutions have outlined plans to set up, or expand, operations in Kenya, also as a natural hub for serving the African continent,” said the CBK in a statement.

With the announcement from JPMorgan Chase & Co. the Central Bank said: “This would restart and recalibrate a process that JP Morgan Chase halted in October 2015.”

“…CBK welcomes this interest, confirming Kenya’s growing stature as a premier regional financial hub.”

According to News.com, unveiled a five-year investment plan worth $US20 billion to increase wages, hire more, open new branches and expand its business as it takes advantage of sweeping changes to the US tax law and improved regulatory environment.