The Central Bank of Bank Nigeria (CBN) has granted Approval-in-Principle to JPMorgan, the largest bank in America to establish JPMorgan Merchant Bank Nigeria Limited, marking a major step in the bank’s expansion plans in Nigeria.
The approval will enable JPMorgan to proceed with plans to convert its longstanding Lagos representative office into a fully licensed merchant bank.
However, the proposed bank cannot commence operations until it fulfils all outstanding regulatory requirements and obtains a final operating licence from the CBN.
The apex bank has also approved the proposed board of the institution, naming Adedapo Adedayo Olagunju as Managing Director.
The development follows JPMorgan’s deposit of 50 billion naira with the CBN to meet the minimum capital requirement for a nationally authorised merchant bank.
·
