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JP Morgan, the largest bank in the US will be opening a new office in Nairobi, Kenya soon.
This move is part of the bank's efforts to expand its footprint in Africa and tap into the continent's growing economy.
As of February 22, JP Morgan Chase had a market capitalization of around $409 billion (Sh51.6 trillion) at the New York Stock Exchange, which is a measure of the company's total value based on its stock price and number of outstanding shares.
The new office in Nairobi is expected to offer a wide range of financial services.
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The bank is yet to disclose details regarding the exact location, recruitment and timelines.
The move by JP Morgan is seen as a vote of confidence in Kenya's economy, which has been recovering steadily in recent years despite global shocks.
The country has attracted significant investment in infrastructure, energy, and technology, and is seen as a key player in Africa's economic development.
President William Ruto lauded the bank’s decision, during a meeting with its representatives at State House on Tuesday, February 22.
“The bold decision taken by J.P. 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,” he said.
“We welcome the firm’s expertise in environmental risks that will help Kenya to sustainably confront the climate change crisis,” the president added.
According to Trade and Investment Cabinet Secretary Moses Kuria, the government plans to raise foreign direct investment from $500 million to $10 billion.
Earlier Kuria had accompanied the head of state to attend the Kenya - European Council Business Forum held in Nairobi.
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At the event, President Ruto challenged the European Union to undertake a fresh push to conclude the Economic Partnership Agreements with the East African Community to expand Kenya’s export base.
He praised that Kenya offers a robust and conducive environment to trade and invest by having a liberal and business-friendly regulatory regime underpinned by a strong reputation for the rule of law.
He noted that the lack of red tape has made the country a predictable investment destination and one of the easiest markets to set up, scale and grow business.