Bank licence: CBN grants JPMorgan preliminary approval
The Central Bank of Nigeria has granted JPMorgan an approval-in-principle to establish a merchant bank in Nigeria, a key step before a final licence is iss Read More: https://punchng.com/bank-licence-cbn-grants-jpmorgan-preliminary-approval/
The Central Bank of Nigeria (CBN) has granted approval-in-principle to JPMorgan Chase & Co to establish a merchant bank in Nigeria, expanding the American financial institution's operations in the country. The proposed bank, JPMorgan Merchant Bank Nigeria Limited, will operate pending meeting regulatory requirements and receiving a final banking licence.
The approval comes after Nigeria implemented reforms to strengthen financial stability, improve market confidence, and deepen integration with global capital markets. JPMorgan, one of the world's largest financial institutions, will focus on specialized financial services such as corporate finance, investment banking, and advisory services.
The CBN emphasized that approval-in-principle represented the first stage of the regulatory authorisation process, requiring JPMorgan's incorporation with the Corporate Affairs Commission and satisfaction of all applicable operational and regulatory requirements before receiving the final licence. JPMorgan's proposed institution would commence operations only after obtaining the necessary final authorisation.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
