JPMorgan, the world’s largest bank, has appointed a former executive at the Central Bank of Kenya, Sailepu Montet, as Kenya’s new country manager.
The move comes as the bank continues to expand its footprint in the continent by opening a new representative office in Nairobi after a prolonged 12-year pursuit for regulatory approval.
Sailepu Montet brings a wealth of expertise and experience from the financial service industry. He previously worked as the deputy director of financial markets and head of reserves management at the Central Bank of Kenya. Also, his experience includes senior positions at ABSA Bank Kenya and Barclays Bank in the role of Capital and Liquidity Management.
Montet holds a BSc in Business Economics from Leicester University and an MSC in Management and Regulation of Risk from the London School of Economics and Political Science.
The American multinational bank’s expansion to Kenya is part of its strategic move to tap into the continent’s promising growth opportunities driven by infrastructure development, abundant natural resources, and rapid urbanization.
In an interview with Reuters, JPMorgan CEO Dimon disclosed that the bank will focus its operations in Kenya and the Ivory Coast on investment, commercial banking, and lending services. However, it has no plans to provide asset and wealth management services in Kenya and Ivory Coast.
We are not doing asset and wealth management services now, but that doesn’t mean it wouldn’t happen in the next few years,” Dimon noted.
Regulators hampered JPMorgan’s previous attempts to enter Kenya. However, on Monday 14, the Central Bank of Kenya reported it authorized JPMorgan to establish a representative office in the country.
Related: Central Bank Clears JPMorgan to Establish Office in Kenya
