American billionaire Jamie Dimon is set to visit Kenya in October as part of his larger African tour.
The billionaire and Chief Executive Officer (CEO) of JPMorgan Chase is also set to follow up on the launch of the company in Kenya.
According to a report by Reuters, Dimon aims to expand the bank’s footprint on the African continent.
JPMorgan Chase is one of the largest and most prominent financial institutions in the world.
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Details of the Visit to Kenya
According to Reuters, Dimon’s visit, his first in seven years, will include stops in Kenya, Nigeria, South Africa, and Ivory Coast.
According to earlier media reports, regulators in Kenya blocked JPMorgan’s growth plans and groundbreaking.
Reportedly, the Central Bank of Kenya (CBK) has delayed the issuance of a license to the company therefore preventing its operations within the country.
Dimon trip to Kenya is said to address the concern.
However, in February 2023, President William Ruto lauded the move welcoming the American multinational financial company to set up regional offices in Nairobi.
“The bold decision taken by JP Morgan, one of the world’s leading financial services firms to set up a regional office in Nairobi is a vote for Kenya’s emerging success in the global marketplace,” said Ruto.
The Nairobi offices were to be set up at the iconic GTC Office Tower in Westlands.
It would oversee the bank’s operations in East Africa, with a focus on serving US multinationals, wealth funds, and educational institutions expanding into the region.
JPMorgan has an advisory board composed of global executives and former policymakers with connections to Africa, such as Nigerian billionaire Aliko Dangote and former British Prime Minister Tony Blair, who established the Africa Governance Initiative.
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Ruto’s Pitch to American Billionaire
In his pitch to the top American tycoons and executives on May 21, during his trip to the US, Ruto made a case for Kenya as the best investment destination.
According to the president, Kenya offered several investment opportunities in different sectors, including housing, manufacturing, and ICT among others.
“Recognizing that private sector players require predictable policies, including tax policies, for long-term investment decisions, Kenya has been updating tax policy guidelines since 2023 to enhance the predictability of our tax regime.
“We are committed to continue the regime for a minimum of three years,” said Ruto.
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