JP MORGAN CHASE & CO TO MAKE FORAYS INTO GHANA AND KENYA

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JP Morgan Chase & Co has revealed its intention of opening branches in Ghana and Kenya. 

This is part of the expansion plan of the company.

The announcement was made by the CEO of the bank, Jamie Dimon at the World Economic Forum in Davos, Switzerland.

After being turned away,  by both countries three years ago, Mr.  Simon says his company is ready now.

You’ll see us open in some countries we are not in, in Africa you’ll be hearing about some of that stuff,” he said.

In Ghana, JPMorgan has financed government power plants among other large-scale projects.

JPMorgan managed the Kenyan government’s debut $2 billion Eurobond sales in 2014.

Along with Citigroup, it financed planes for national carrier Kenya Airways Ltd.

The bank’s African ventures have not fully proven successful.

This has led the Federal Republic of Nigeria recently to file a suit in a London court, demanding $875 million as compensation for negligence by the bank in the transfer of funds.

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