The Central Bank of Nigeria (CBN) has granted JP Morgan approval-in-principle to establish a merchant bank in Nigeria following a $38 million deposit.
The apex bank disclosed this in a statement on Friday, announcing that the proposed lender would operate under the name JPMorgan Merchant Bank Nigeria Limited.
However, the bank will be required to obtain a final banking licence from the CBN before commencing operations in the country.
The development follows an earlier report that JP Morgan had deposited $38 million with the apex bank as part of the process of securing approval to enter Nigeria’s banking sector.