Addis-Ababa, July 16 – JPMorgan is expanding its corporate banking business across Europe, the Middle East and Africa (EMEA) as it looks to grow its market share and strengthen its position against regional and domestic lenders.
The U.S. bank said it plans to hire 30 senior bankers before the end of the year to support businesses across the region. The recruitment is part of its growth plan to help arrange $1.5 trillion in financing for industries linked to national security, including up to $10 billion from the bank’s own balance sheet.
According to James Roddy, JPMorgan’s Head of Global Corporate Banking, the expansion will cover large companies, mid-sized businesses and startups. He said the bank is prepared to enter new markets or increase resources in existing ones where there is demand.
Over the past two years, JPMorgan said it has increased its client base across EMEA by 25%, while revenue from the region has grown by 15%. The bank plans to build on that growth by expanding services such as corporate finance, cash management, payments and foreign exchange.
The lender has also doubled its workforce across the Middle East and North Africa, Turkey and Poland during the past two years. It expects total staff numbers in those markets to increase by another 60% over the next five years.
Roddy said JPMorgan has increased its lending activity in the Middle East as some competitors reduced their exposure following tensions linked to the U.S.-Iran conflict.
The bank has also strengthened its Security and Resilience Initiative in the region. Last October, JPMorgan announced plans to invest up to $10 billion in U.S. companies operating in sectors considered important to national security and economic resilience. Earlier this year, it appointed Daniel Rudnicki Schlumberger to lead the initiative across the EMEA region.
