President William Ruto met JP Morgan CEO Jamie Dimon at State House Nairobi, who had visited Kenya as part of his African tour, on Thursday.
- JP Morgan, the world’s biggest bank by balance sheet, has received the approval of the Central Bank of Kenya to open a representative office in Nairobi.
- The office will serve as a liaison and marketing hub for JP Morgan and its subsidiaries.
- Though it will not engage in banking activities, it will explore business and investment opportunities in Kenya and the entire East African region.
“Kenya has tremendous appeal as a diversified and dynamic economy and has the potential of being JP Morgan’s financial centre in Eastern Africa,” said Ruto.
Dimon’s visit, his first in seven years, includes stops in Kenya, Nigeria, South Africa, and Ivory Coast. The trip comes at a time when JPMorgan is accelerating its growth plans in Africa, despite facing regulatory challenges in Kenya.
In February 2023, JPMorgan announced the opening of its new regional office in Nairobi, located at the GTC Office Tower in Westlands. The office will oversee the bank’s operations in East Africa, with a focus on serving U.S. multinationals, wealth funds, and educational institutions expanding into the region.
The international lender also appointed ex-Central Bank of Kenya (CBK) executive Sailepu Montet as its new Country Manager for Kenya. Prior to joining J.P. Morgan, Montet held the position of Deputy Director of Financial Markets and Head of Reserves Management at the Central Bank of Kenya.
His experience also includes senior roles at Barclays Bank of Kenya and Absa Bank Kenya, where he served as Vice President and Head of Balance Sheet Management.
Key figures present during the Thursday meeting at State House in Nairobi include Cabinet Secretary for National Treasury and Economic Planning John Mbadi and his Principal Secretary Chris Kiptoo, Central Bank of Kenya Governor Kamau Thugge, US Ambassador to Kenya Meg Whitman among others.
