Nigeria central bank grants JPMorgan initial nod to launch merchant bank
Nigeria central bank grants JPMorgan initial nod to launch merchant bank ABUJA, Oct 23 (Reuters) - Nigeria's central bank has granted JPMorgan JPM.N approval-in-principle to establish a merchant bank, it said on Friday, marking a potential expansion by the US lender into Africa's most populous country.
The proposed lender, JPMorgan Merchant Bank Nigeria Ltd, is expected to focus on wholesale banking, capital markets and advisory services, Central Bank of Nigeria spokesperson and head of investor relations Michael Akuka said in a statement
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
The approval-in-principle is the first stage of the licensing process and does not amount to a final banking licence
JPMorgan must still meet regulatory requirements, including incorporation and operational approvals, before it can begin business, the CBN said
(Reporting by Elisha Bala-Gbogbo; Editing by Jan Harvey)
((Elisha.Bala-Gbogbo@thomsonreuters.com; Reuters Messaging: elisha.bala-gbgobo.thomsonreuters.com@reuters.net))
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