JPMorgan Opens Offices in Kenya, Ivory Coast in Africa Expansion

JPMorgan Chase & Co. opened representative offices in Kenya and Ivory Coast to help the US bank expand in east and west Africa.

The biggest US bank has hired Sailepu Montet, a former central banker in Kenya to run its business in the East African nation, the company said in a response to questions. Michael Ahonzo Avou will run JPMorgan’s business in Ivory Coast, the bank said.

Montet was previously the deputy director of financial markets and head of reserves management at the Central Bank of Kenya and has also worked for Barclays Plc and Absa Group Ltd. Avou was the managing director of Société Générale Asset Management West Africa, the company said.

Chief Executive Officer Jamie Dimon is expected to visit Africa for the first time in seven years as the bank expands on the continent.

The New York-based firm has been attempting to start a unit in Kenya for several years. Relations between Kenya and the US improved further after Kenyan President William Ruto became the first African leader in 16 years to pay an official state visit to the US.

Citigroup Inc. is the biggest international bank in Kenya, and has been operating in the country for 50 years.

This story originated on Bloomberg News.