History in Sub-Saharan Africa
J.P. Morgan's presence in the region extends across South Africa, Nigeria and Ghana.
J.P. Morgan has a long history of being a premier investment bank in the South African market. Today, the firm's footprint includes Cape Town and Johannesburg, where it has a full banking license.
J.P. Morgan has proactively embraced the South African government's Broad-Based Black Economic Power agenda. This is based on the belief that the foundations of true transformation lie in a strategy that recognises the interrelated nature of the scorecard pillars and accords equal importance to each. J.P. Morgan understands that transformation is about building a workable and sustainable strategy rather than scoring points.
In 1960, Chase received a license from the Nigerian government to engage in commercial banking in the country, and a Chase subsidiary acted as the lead partner in organizing Nigerian Textile Mills, the first major private industrial project with an American interest in Nigeria. Chase opened a branch in Lagos, Nigeria, the following year that offered a full range of commercial banking services.
In 1975, Chase formed the Chase Merchant Bank Nigeria Ltd. At the same time, Morgan Guaranty, another predecessor firm, joined three local financial institutions to form a merchant bank — Icon Ltd.
By 1985, both Morgan Guaranty and Chase withdrew their interests in the merchant bank ventures, while Chase proceeded to open a representative office in Nigeria — Chase Manhattan Nigeria Limited. Today, J.P. Morgan has a subsidiary in Lagos, Nigeria, that operates as a representative office.