04:47 AM EDT, 10/16/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) is planning to set up shop this year in Kenya and Ivory Coast as part of a plan to increase its Africa presence, Reuters reported Wednesday, citing Chief Executive Jamie Dimon.

"We want to add a country or two in Africa, every couple of years or so," Dimon told Reuters before departing on a trip to Africa. "This will allow us to be on the ground in these countries which gives you a lot more local knowledge and relationships."

Dimon said the bank will focus on commercial and investment banking, treasury services, and potentially lending in Kenya and Ivory Coast, according to the report.

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