CBN clears JPMorgan to set up merchant bank in Nigeria

The Central Bank of Nigeria (CBN), on Friday, said it has granted the American banking giant, JPMorgan approval-in-principle to establish a merchant bank in the country.
A merchant bank is a financial institution that helps businesses, large companies and governments raise money, manage major financial transactions and secure funding for expansion.
Unlike ordinary commercial banks, which focus heavily on everyday banking services for individuals and businesses, merchant banks specialise in corporate finance and investment-related services.
The new bank could deepen Nigeria’s access to international financial markets.
The proposed bank, JPMorgan Merchant Bank Nigeria Limited, will ...