JPMorgan appoints ex-CBK exec Sailepu Montet as Kenya country manager

JPMorgan Chase, the largest bank in the United States, has appointed the Central Bank of Kenya (CBK)’s former deputy director of financial markets, Sailepu Montet as its country manager for Kenya.

This follows JPMorgan’s entry into Kenya as part of its Africa expansion this year, which also saw the lender open offices in Ivory Coast.

Montet has been CBK’s deputy director of financial markets and its head of reserves management since July 2021.

Previously, the economist worked at Absa Bank Kenya (formerly Barclays Bank) as the lender’s head of capital and liquidity management and later vice president in the docket.

Montent holds a master’s degree in accounting and finance risk management from the London School of Economics and an economics bachelor’s from the University of Leicester.

On Monday, CBK announced that it had authorised the New York-based company to establish a representative office in Kenya.

Representative offices of foreign banks serve as marketing and liaison hubs for their parent banks and affiliates.

In Kenya and Ivory Coast, JPMorgan will focus on commercial and investment banking, treasury services, and possibly some lending, according to CEO Jamie Dimon who spoke to Reuters.

He said they have no immediate plans to offer asset and wealth management (AWM) services, which the lender offers in South Africa and Nigeria.

"We are not doing AWM now but that doesn't mean it wouldn’t happen in the next few years," Dimon told the news agency.

CBK said on Monday that JPMorgan’s office is expected to contribute to the diversity of Kenya's financial sector and spur trade and investments.

The company is among the top five international private banks by assets under supervision.

JPMorgan, which has more than $4.2 trillion in assets and operations in over 100 countries, has attempted to start a unit in Kenya for about 10 years. Still, its efforts are reported to have been frustrated by regulators.

CBK's approval follows President William Ruto's announcement in February this year that the company would finally be entering East Africa's largest economy after he met a JPMorgan executive.

Locally, the U.S. banking giant Citigroup Inc. is the biggest among the international players, with its operations in the country dating back 50 years.