JP Morgan Chase & Co, the largest bank in the United States by assets and market capitalization, and one of the world’s most respected investment banking institutions is embarking on a footprint expansion in sub-Saharan Africa. The African growth strategy will see the company open a full branch in Nigeria where it plans to add no less than 50 new staff in the next 5 years.
John Coulter, the head of the bank’s sub-Saharan region made this disclosure to journalists at the Reuter’s Africa Investment Summit.
According to him the demand for Investment Banking services in Africa far outpaces the supply and it is in this category the bank is seeking to profit.
He said: “A strategy that focuses on Africa from a pure investment banking perspective, for JPMorgan, is not the approach to follow. We have got the capital and the capability as a bank to extract more from an African wallet.
“A company in Kenya or a bank in Ghana needs trade finance lines, credit lines to help them grow their business, project finance, infrastructure support and the corresponding banking lines.”
Coulter plans to assist African corporations with bespoke investment banking needs as he acknowledges that their needs are in contrast to their multinational counterparts.
JP Morgan Chase & Co is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is the world’s largest public company based on a composite ranking. The hedge fund unit of JPMorgan Chase is one of the largest hedge funds in the United States. It was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.