Ruto meets JPMorgan CEO after US bank opened Kenyan office

President William Ruto on Thursday met Jamie Dimon, chairman and CEO of JPMorgan Chase, the largest bank in the United States which recently opened a Kenyan office as part of its Africa expansion.

Dimon is on a tour of the continent and visited Ruto at State House, Nairobi, per a post the President shared on X.

Among those also present were Sailepu Montet, JPMorgan’s country manager for Kenya, Treasury Cabinet Secretary John Mbadi, Central Bank of Kenya (CBK) Governor Kamau Thugge, and U.S. Ambassador to Kenya Meg Whitman.

"Kenya has tremendous appeal as a diversified and dynamic economy and has the potential of being JP Morgan's financial centre in Eastern Africa," wrote Ruto, adding that while the bank will not engage in banking activities, "it will explore business and investment opportunities" in Kenya and East Africa.

Last week, CBK announced that it had authorised JPMorgan to establish a representative office in Kenya. 

JPMorgan appointed Montent, CBK’s former deputy director of financial markets, to run its business in Kenya.

Dimon previously told Reuters that in Kenya and Ivory Coast, the lender will focus on commercial and investment banking, treasury services, and possibly some lending.

He said they have no immediate plans to offer asset and wealth management (AWM) services, which the bank 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 was quoted by the news agency last week as saying.

CBK says 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 boasts over $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 followed 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.