The Central Bank of Nigeria has issued JPMorgan with approval in principle to set up a merchant banking operation in the country after the US financial group lodged a $38 million deposit.
In a statement released on Friday, the CBN said the proposed institution will operate under the name JPMorgan Merchant Bank Nigeria Limited.
The regulator added that the bank cannot begin business until it has secured its final merchant banking licence.
JPMorgan deposited the $38 million with the CBN three days earlier as part of the licensing process for its planned Nigerian banking unit.
