J.P. Morgan to set up regional office in Nairobi

 

By The Citizen Reporter

 Media/news company

Mwananchi Communication Limited

Summary

·         Due to market conditions and legal obstacles, the decision to establish a regional office in Nairobi has taken years to come to pass.

Nairobi. JP Morgan, the largest bank in the United States and the world’s sixth-largest bank by total assets, has announced the opening of a regional office in Nairobi, Kenyan media has reported.

 The move has been hailed by Kenya’s President William Ruto as a “vote for Kenya’s emerging success in the global marketplace.”

He said that this was a vote for Kenya’s emerging success in the global marketplace and a sign of confidence in Kenya’s economy.

Ruto met with Daniel Zelikow, the vice-chairman and global head of JP Morgan Public Sector Group in Nairobi, and discussed how to revise development financing to be more responsive to climate change.

“We welcome the firm’s expertise in environmental risks that will help Kenya to sustainably confront the climate change crisis,” Ruto said.

J.P. Morgan is a leader in financial services on a global scale, providing answers to businesses, governments, and organizations in more than 100 nations.

The company was founded more than 150 years ago and is named after American financier and investment banker John Pierpont Morgan Sr., who dominated corporate finance on Wall Street during the Gilded Era.

Due to market conditions and legal obstacles, the decision to establish a regional office in Nairobi has taken years to come to pass.

Jamie Dimon, the CEO of J.P. Morgan, stated that the bank intended to increase its footprint in Africa by entering nations like Ghana and Kenya in 2018, however at the time, local regulators obstructed such ambitions.