JP Morgan announces expansion plans to Ghana and Kenya

The American banking firm, JP Morgan Chase & Co aims to grow its presence in Africa by expanding branches to Ghana and Kenya.

The bank’s Chief Executive Officer, Jamie Dimon, made the announcement on 24 January during the World Economic Forum, in Davos, Switzerland.

“You’ll see us open in some countries we are not in, in Africa you’ll be hearing about some of that stuff,” Mr Dimon informed Bloomberg Television.

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The bank is specifically focusing its continent expansion on Ghana and Kenya – both are countries in which regulators have previously blocked the firm’s expansion plans.

The CEO’s news follows JP Morgan’s reveal of its $20bn investment plan, which promises to increase wages, create more jobs, and open new branches.

The investment sees the company utilising the changes made to US tax law and the current regulatory environment.

The $20nm will be invested over a span of five years, in which the bank will increase overseas investment as well as domestic.