JPMorgan Chase & Co. has taken a significant step in expanding its footprint across Africa by hiring Sailepu Montet, a former central banker, to head its operations in Kenya. This move coincides with the opening of the US bank’s representative offices in Kenya and Ivory Coast, aimed at tapping into the growing economic potential of East and West Africa.
Montet, who previously served as the Deputy Director of Financial Markets and Head of Reserves Management at the Central Bank of Kenya, brings a wealth of experience to his new role. He has also held senior positions at Barclays Plc and Absa Group Ltd., positioning him as a strong candidate to steer JPMorgan’s ambitions in Kenya.
In West Africa, the bank has appointed Michael Ahonzo Avou to lead its operations in Ivory Coast. Avou was formerly the Managing Director of Société Générale Asset Management West Africa, adding further industry expertise to the bank’s leadership in the region.
JPMorgan’s entry into Kenya has been long anticipated. The New York-based financial giant has been working to establish a presence in the country for several years. The recent political developments, including the strengthening of relations between the United States and Kenya under President William Ruto’s administration, have created a favorable environment for foreign investment. President Ruto, the first African leader to make an official state visit to the US in 16 years, has played a key role in deepening diplomatic and economic ties between the two nations.
Chief Executive Officer Jamie Dimon is expected to visit Africa for the first time in seven years, underscoring JPMorgan’s commitment to the continent. The visit is expected to cement the bank’s strategy in Africa, which is becoming an increasingly important market for global financial institutions.
Despite JPMorgan’s new presence, Citigroup Inc. remains the largest international bank in Kenya, with a 50-year history in the country. JPMorgan’s entry is seen as a move to challenge Citigroup’s dominance and capitalize on the burgeoning financial sector in East Africa.
The expansion into Kenya and Ivory Coast highlights the bank’s broader African strategy, as it seeks to leverage opportunities in some of the continent’s fastest-growing economies. With Montet and Avou at the helm, JPMorgan aims to bolster its influence in the region and tap into new markets that have shown resilience and growth despite global economic headwinds.
