JPMorgan Chief Dimon Says Bank Plans to Expand in Africa

 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 [e-mail]

(END) Dow Jones Newswires

January 24, 2018 13:41 ET (18:41 GMT)

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