Global banking giant JP Morgan is set to expand its presence in Nigeria by transforming its Lagos representative office into a fully operational business branch.
The move, first reported by Africa Intelligence, marks a significant step in the bank’s commitment to deepening its footprint in the country.
The US financial institution, which has maintained a presence in Nigeria since the 1980s, plans to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months. If approved, the newly structured entity will expand its services to include dollar-denominated loans for large corporations, complementing its existing advisory and asset management operations.