(3 Minutes Read)
Analysts said major global banks are seeking to gain a bigger share of sovereign debt and corporate transactions in Africa. They also aim to serve more international companies with operations on the continent, said Eric Musau, head of research at Nairobi-based Standard Investment Bank.
JPMorgan Chase CEO Jamie Dimon will travel to Africa in mid-October in a push by the biggest US lender to expand on the continent. During the trip next month, Dimon is expected to visit Kenya, Nigeria, South Africa, and Cote d’Ivoire. JPMorgan already has offices in South Africa and Nigeria, where it offers asset and wealth management, as well as commercial and investment banking services.
Overseas markets have been a key focus area to generate growth for JPMorgan — which has assets of over USD 4.1 trillion and operations in more than 100 countries. In 2018, Dimon said the lender would look at entering Ghana and Kenya. According to media reports, local regulators in those two countries blocked JPMorgan’s growth plans.
Kenyan President William Ruto said in February 2023 after a meeting with a senior JPMorgan executive that the bank had committed to opening a new office in Nairobi.
Analysts said major global banks are seeking to gain a bigger share of sovereign debt and corporate transactions in Africa. They also aim 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 seeking to grow their revenues by offering wealth management services that provide access to investments like offshore equity, debt, and mutual funds, Musau added.
Banking giants are also offering private banking services, seeking to differentiate themselves from local and regional lenders that are prevalent in retail markets.
JPMorgan 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. In the last five years, about 700 bankers have been involved in expanding into 27 new locations worldwide, generating USD 2 billion in revenue for its commercial and investment bank, JPMorgan’s President Daniel Pinto told investors in May.
Read Also:
https://trendsnafrica.com/jp-morgan-recommends-investment-in-egyptian-treasury-bills/
There was relief this week when petroleum products arrived in Burundi, ending weeks of long queues at fuel stations due to a shortage of supplies. The winding queues had disappeared, and motorists were being served without delay. Residents were relieved as transport costs had fallen after supplies were restored. However, there are still fears that the available stocks are not enough to meet demand. Some drivers said they were still struggling to find fuel.
