In its quest of expanding its footprint across Africa, JPMorgan Chase & Co. has appointed former Central Bank employee, Sailepu Montet as head of its operations in Kenya.
This move convincingly shows the American financial conglomerate’s resolution to growing economic potential in Kenya, having announced that they would set up representative offices within the country.
Sailepu Montet has previously served as the Deputy Director of Financial Markets and Head of Reserves Management at the CBK. In the past, he has also held senior positions at Barclays PLC and Absa Group Ltd, which positioned him as a favourable candidate suitable for the wealth of experience required to steer JPMorgan’s ambitions.
For many years, JPMorgan has been seeking to establish a presence in the country. Recent political developments between the US and the Kenyan government have facilitated the optimum conditions for foreign investments, such as the financial giant’s
American banking giant JPMorgan Chase set to open business in Kenya
The bank’s CEO Jamie Dixon is anticipated to tour Africa for the first time in 7 years and will be visiting Kenya, Nigeria and South Africa. Africa is increasingly becoming an important market for global financial institutions.
However, despite JPMorgan’s entry into the Kenyan market, the title for the largest international bank in Kenya remains with Citigroup Inc. who have a 50-year presence in the country.
Their entry into Kenya is a move that seeks to challenge Citigroup’s dominance. With Montet at the helm of operations, the bank seeks to capitalize on the growing financial sector in East Africa.
