JPMorgan plans Africa expansion even as Ghana and Kenya regulators refuse entry

Jaime Dimon, Chairman, President & CEO, JP Morgan Chase

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., which has offices in South Africa and Nigeria, said the bank wants a presence in more African countries to spur growth, even after regulators in Ghana and Kenya refused the lender entry.

“We’ll hopefully start opening branches again in Africa,” he said in a Bloomberg Television interview with Stephanie Ruhle on Monday. “I’m not doing that because it’s going to affect earnings in the next couple years. I’m doing that because that forms the base for the next generation.”

JPMorgan joins banks including Barclays Plc, BNP Paribas SA and Citigroup Inc. that have added operations in Africa to gain from the continent’s economic growth.

Read more: JPMorgan Plans Africa Expansion Even as Regulators Block Entry – Bloomberg Business