Nigeria central bank grants JPMorgan initial nod to launch merchant bank
JPM•JPM•JPM•JPM•Nigeria’s central bank granted JPMorgan approval-in-principle to establish a merchant bank focused on wholesale banking, capital markets and advisory services. The approval is the first licensing stage, and the bank must meet further regulatory requirements before beginning business.
The Central Bank of Nigeria granted JPMorgan approval-in-principle to establish JPMorgan Merchant Bank Nigeria Ltd. The proposed lender is expected to focus on wholesale banking, capital markets and advisory services, spokesperson Michael Akuka said.
The approval-in-principle does not constitute a final banking licence. JPMorgan must still meet regulatory requirements, including incorporation and operational approvals, before it can begin business.
The move comes as Nigerian authorities push reforms to rebuild investor confidence, deepen financial markets and attract foreign capital after years of currency instability and policy uncertainty.
