JPMorgan lodges N50bn with CBN for banking licence
JPMorgan Chase & Co has deposited N50bn with the Central Bank of Nigeria as a key requirement in its application to secure a merchant banking licence. Read More: https://punchng.com/jpmorgan-lodges-n50bn-with-cbn-for-banking-licence/
JPMorgan Chase & Co. has transferred N50 billion to the Central Bank of Nigeria (CBN) to advance its pursuit of a merchant banking license in Nigeria, according to sources familiar with the process. The deposit, worth approximately $38 million, fulfills a crucial regulatory criterion for the American financial institution's application.
However, the CBN has not yet announced a definitive decision on the matter. If approved, JPMorgan's establishment of a licensed banking operation in Nigeria would mark a significant expansion of the firm's presence in Africa's largest economy.
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