JPMorgan, the largest US bank by assets, has set up a regional office in Nairobi, Kenya.
President William Ruto has hailed the move as a “vote for Kenya’s emerging success in the global marketplace.”
The new regional office in Nairobi will serve as a hub for JP Morgan’s operations in East Africa.
In 2018, chief executive Jamie Dimon stated that the bank intended to increase its footprint in Africa by entering nations like Ghana and Kenya.
President Ruto discussed revising development financing to be more responsive to climate change during his meeting with Daniel Zelikow, the vice-chairman and global head of JP Morgan Public Sector Group.
“The bold decision taken by J.P. Morgan, one of the world’s leading financial services firms, to set up a regional office in Nairobi is a vote for Kenya’s emerging success in the global marketplace,” he said.
“We welcome the firm’s expertise in environmental risks that will help Kenya to sustainably confront the climate change crisis,” Ruto said.
JP Morgan, ranked as the largest bank in the United States and the world’s sixth-largest bank by total assets, already has offices in South Africa and Nigeria.
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