JP Morgan Chase & Co. is set to bolster its presence in Nigeria by converting its Lagos representative office into a fully operational business branch.
Gatekeepers News reports that the American multinational financial services firm plans to apply for a merchant banking licence from the Central Bank of Nigeria (CBN) in the coming months.
The licence would enable JP Morgan to offer dollar-denominated loans to large corporations, expanding its services beyond advisory and asset management. The bank, which has operated in Lagos since the 1980s, aims to strengthen its foothold in Africa’s largest economy.
