With a legacy dating back to 1799, we have a history of demonstrating leadership during times of both economic growth and financial instability.
In July 1960, Chase Manhattan Bank received a license from the Nigerian government to engage in commercial banking in the country. Subsequently, the Chase International Investment Corporation, a Chase Manhattan subsidiary, acted as the lead partner in organizing Nigerian Textile Mills, the first major private industrial project with an American interest in Nigeria. Chase Manhattan opened a branch in Lagos, Nigeria, the following year, offering a full range of commercial banking services.
In 1975, Chase Manhattan formed the Chase Merchant Bank Nigeria Ltd. which began operations in Lagos. At the same time, Morgan Guaranty Trust Company of New York, another predecessor firm, joined three local financial institutions to form Icon Ltd., a merchant bank in Lagos.
In 1982, Chase Manhattan opened a representative office in Nigeria. By 1987, both Morgan Guaranty and Chase had withdrawn their interests in the merchant bank ventures.
Today, J.P. Morgan has a subsidiary in Lagos, Nigeria, that operates as a representative office.