cbn-approves-jpmorgan-merchant-bank-nigeria
*CBN Approves JPMorgan Merchant Bank Nigeria In Principle*
The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to global financial giant *JPMorgan* to establish *JPMorgan Merchant Bank Nigeria Limited*, marking a major milestone in the US bank's expansion plans in Nigeria.
According to reports, 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 full banking operations until it fulfils all outstanding regulatory requirements and obtains a final operating licence from the apex bank.
The CBN has also approved the proposed board of the institution, naming *Mr. Adedapo Adedayo Olagunju* as the Managing Director.
The development follows JPMorgan's deposit of *N50 billion* with the CBN to meet the minimum capital requirement for a nationally authorised merchant bank, in line with the apex bank's new capital requirements.
Analysts say the entry of JPMorgan into Nigeria's merchant banking space will boost investor confidence, deepen the financial market, and attract more foreign direct investment into the country.
More details to follow.
_For More Original & Exclusive News Updates, articles, jobs, grants and other opportunities, Visit:_
_Website:_ https://imomediahub.org
_Join Our WhatsApp Channel:_ https://whatsapp.com/channel/0029VbB1Oqb1t90iAOStYS0p
