J.P. Morgan expands in Nigeria with new office
Mar 28, 2012
J.P. Morgan opened its new office in Nigeria last week to accommodate the firm’s expected expansion, demonstrating its continued commitment to the country’s future growth and economic development.
J.P. Morgan has a long-standing history of serving clients in Nigeria. The firm first established a presence in 1960 through its predecessor firm, Chase Manhattan Bank, which acted as a lead partner in organizing the Nigerian Textile Mills in Lagos – the first major private industrial project with American interest in Nigeria. A year later, the bank opened a branch in Lagos to provide commercial banking services for Nigerian businesses and individuals.
The firm has continued to strengthen ties with the country by providing treasury services, reserve management, and custody services and acted as an advisor to the central bank, government ministries and supranationals. Alongside these entities, the firm’s clients are Nigeria’s most well-known banks, corporates and multinational subsidiaries. J.P. Morgan serves their needs for equity capital, M&A advisory, escrow transactions, depository receipts and structured trade finance. The firm is also growing its Global Corporate Bank to deliver wholesale banking services to clients, working with product partners across the firm.
At an event marking the opening of the new office, senior leaders highlighted the exciting opportunity to play a key role in marketing Nigeria to international investors, and to offer J.P. Morgan’s commodities platform to Nigeria’s petroleum and natural resources industries, which account for a third of the country’s economy. Several dignitaries attended the opening ceremony, recognizing J.P. Morgan for its long-standing relationship with Nigeria.
Read more about J.P. Morgan’s business in Sub-Saharan Africa.