CBN approves JPMorgan merchant bank in Nigeria

The Central Bank of Nigeria (CBN) has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria, following the banking sector recapitalisation exercise.

The proposed institution, JPMorgan Merchant Bank Nigeria Limited, is expected to commence operations after meeting the outstanding regulatory requirements and securing a final banking licence from the CBN.

The approval was announced on Friday, October 23, by the Director of the CBN’s Corporate Communications and Investor Relations Department, Michael Akuka, in a statement.

The development marks a step towards JPMorgan’s proposed entry into Nigeria’s merchant banking sector, subject to the completion of the regulatory process.

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