JPMorgan Chase, the largest lender in the United States, is charting an expansion course into Africa, with plans to establish a presence in Kenya and Ivory Coast this year, according to the bank's chairman and chief executive officer Jamie Dimon.

In an interview with Reuters, Dimon outlined the bank's strategy to grow its footprint on the continent, stating, "We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so."

The move comes as part of JPMorgan's broader international growth initiative. With over $4.2 trillion in assets and operations in more than 100 countries, the bank is looking to close the gap with competitors like Citigroup, which boasts a presence in nearly 180 nations.

Dimon emphasised the importance of local presence, saying, "This will allow us to be on the ground in these countries which gives you a lot more local knowledge and relationships." He added that the bank's focus would be on serving governments, large state enterprises, and multinational corporations with traditional banking services.

In Kenya and Ivory Coast, JPMorgan intends to concentrate on commercial and investment banking, as well as treasury services, with the possibility of some lending activities. While asset and wealth management services are currently available in South Africa and Nigeria, there are no immediate plans to offer these in the two new markets.

The expansion plans have already begun to materialise, with the Central Bank of Kenya announcing on Monday that it had authorised JPMorgan to establish a representative office in the country.

Dimon noted that the current U.S. government stance is more supportive of banks expanding internationally compared to the post-financial crisis era. He argued for the importance of U.S. financial institutions competing overseas, particularly in light of the broad global footprint of Chinese companies.

While the African expansion may not have a significant immediate impact on JPMorgan's business, Dimon believes it will prove beneficial for the company and its future leaders in the long term.

The bank's international growth strategy has been a key focus in recent years. In the past five years, approximately 700 bankers have been involved in expanding into 27 new locations worldwide, generating $2 billion in revenue for its commercial and investment banking division, according to information shared with investors in May.

As part of his African tour, Dimon is scheduled to hold meetings in Kenya, Nigeria, and South Africa, underscoring the bank's commitment to strengthening its presence on the continent.

This expansion into Africa represents a significant step for JPMorgan Chase as it seeks to solidify its position as a global banking leader and tap into the growing economic potential of the African market.

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