The Central Bank of Nigeria (CBN) has granted JP Morgan approval-in-principle to establish a merchant bank in Nigeria after receiving a deposit of $38 million.
The apex bank disclosed this in a statement on Friday.
The CBN said the proposed lender, to be known as JPMorgan Merchant Bank Nigeria Limited, will be required to obtain a final banking licence before commencing operations.
JP Morgan already made a $38 million deposit to CBN for its banking licence.
