The Central Bank of Nigeria (CBN) has granted global financial services firm JP Morgan approval-in-principle to establish a merchant bank in Nigeria, marking a step towards its proposed entry into the country’s banking sector.
The apex bank disclosed this in a statement on Friday, confirming that the proposed institution would operate under the name JPMorgan Merchant Bank Nigeria Limited.
The approval follows a reported $38 million deposit by JP Morgan with the CBN as part of the process of securing the banking licence.
However, the approval-in-principle does not authorise the proposed bank to commence operations immediately. The institution must obtain a final banking licence from the CBN before it can begin business.
The development comes as Nigeria continues to attract interest from international financial institutions seeking opportunities in its banking and financial services market.
JP Morgan’s proposed merchant bank would add to the range of financial services available to businesses and other eligible clients once it secures the necessary regulatory clearance.
Further details about the bank’s proposed operations and commencement date were not provided in the CBN statement cited in the report.
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