JPMorgan Chief Dimon Says Bank Plans to Expand in Africa
January 24 2018 - 1:56PM
Dow Jones News
By Emily Glazer
JPMorgan Chase & Co. plans to expand into Ghana and other
African nations, Chief Executive Jamie Dimon said Wednesday at the
World Economic Forum in Davos, Switzerland.
"You'll see us open in some countries we are not in, in Africa
you'll be hearing about some of that stuff," Mr. Dimon said during
an interview with Bloomberg Television.
JPMorgan previously had attempted expansions into Africa earlier
this decade. Around 2012, it was reported that the bank would
spread into Ghana, Nigeria and Kenya, but those plans were blocked
by U.S. banking regulators.
Into 2015, bank executives continued to examine a possible
African expansion, but regulations continued to limit those
plans.
A JPMorgan spokesman declined to comment further.
The bank is planning to unroll a $20 billion, five-year
investment across its business lines, including opening bank
branches in new markets across the U.S., The Wall Street Journal
reported Tuesday. Those investments are because of the recent
tax-law changes, a softer regulatory environment and the bank's
overall growth.
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
January 24, 2018 13:41 ET (18:41 GMT)
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