JPMorgan has appointed Sailepu Montet, a former senior official at Central Bank, to lead its operations in the East African country, the bank has said.
The move signals a strategic step forward as the American banking giant prepares to launch its newly licensed office in Nairobi, following a protracted 12-year pursuit for regulatory approval.
Montet, who once served as deputy director of financial markets and head of reserves management at the Central Bank of Kenya, brings a wealth of experience to the role. His career also includes stints at Barclays Plc and Absa Group Ltd, equipping him with deep expertise in both local and international financial markets.
The global banking giant aims to make substantial investments in the Kenyan government, focusing on lending and supporting major government enterprises and multinationals eager to invest in the region.
In an interview with Reuters on Wednesday, October 15, Dimon emphasised that JPMorgan will concentrate on commercial and investment banking, alongside treasury services. He expressed a desire to expand JPMorgan’s footprint in Africa, indicating plans to “add a country or two every couple of years.”
In Kenya and Ivory Coast, the bank will focus on commercial and investment banking, treasury services, and possibly some lending, Dimon told Reuters.
"And when you do it, you basically will cover the government, maybe some big government enterprises and the multinationals that are going in there with traditional banking services," he added.
Dimon's upcoming trip will include meetings in Kenya, Nigeria, and South Africa, where he hopes to establish strong local relationships and gain critical insights into the regional market. “Being on the ground gives you a lot more local knowledge and relationships,” he stated, highlighting the importance of a physical presence in these key markets.
The bank's new representative office will serve primarily as a liaison and marketing hub rather than a full-scale banking operation. The Central Bank of Kenya (CBK) on Monday confirmed that JPMorgan will explore business opportunities not only in Kenya but also across the East African region.
“This will contribute to the diversity of Kenya’s financial sector and catalyse trade and investments,” the CBK stated.
JPMorgan's ambitions in Kenya have historical roots. The bank's interest dates back to 2015, when it first began the application process for an office, only to stall amid regulatory challenges. In 2018, Dimon reignited these plans during the World Economic Forum in Davos, where he announced the bank's intentions to open a representative office.
After discussions between JPMorgan executives and Kenyan President William Ruto, the project gained renewed momentum earlier this year.
The entry of JPMorgan into Kenya has increased the total number of international banks with representative offices in the country to ten, intensifying competition among lenders from various nations, including the Netherlands, France, China, India, Pakistan, Egypt, South Africa, and Mauritius.
A representative office allows foreign banks to promote their products and services within the country and serve as a liaison between their parent company and local clients; however, they are not permitted to engage in primary banking activities such as lending and deposit-taking.
Last year, the value of deals closed by foreign financiers with representative offices in Kenya surged by 13 per cent to reach Ksh413.3 billion, up from Ksh365.6 billion in 2022, according to the CBK.
