JP Morgan to open full branch in Lagos within a year
JP Morgan to open full branch in Lagos within a year
March 7 (easy kobo)- JP Morgan Chase wants to open a full branch in Nigeria because it is Africa's frontier growth market and companies from all around the globe are moving into Nigeria. JP Morgan has a presence in Nigeria dating back to 1960. Now the Bank aims to deepen its business in Nigeria in terms of customer reach and its product offering according to John Coulter, Sub Saharan CEO for JP Morgan based in South Africa. For such information of finanaicla environment of Nigeria, visit www.easykobo.com daily.
"There's a lot of focus on Africa because our senior management sees a significant growth opportunity over the next 10 years and we're seeing our clients increasingly move here -- be that an Indian multinational or a German multinational." He also stated that South Africa would still remain the "absolute core" for its African unit. JP Morgan earned fees of $21.4 Million from Africa in 2010, topping other investment banks'.
The Bank aims to achieve growth via South Africa multinationals setting up business in Nigeria. Few South African companies to have established in Nigeria over the past few years include grocery chain Shoprite, Zambeef, GDC Cinemas.
He stressed the imporance of opening a full office in Nigeria by saying, "We see a lot of the growth in Africa being via or with South African multinationals. This is the right place to have an Africa hub, but don't think you can bank Africa by sitting in South Africa and doing it from your desk-top.""If we can service our clients in Europe and in Singapore and in Vietnam and in Australia, we should also be able to service them in Africa,"
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.
JP Morgan's main rival Citigroup has had a full office in 15 African countries including Nigeria.
http://www.articlesbase.com/banking-articles/jp-morgan-to-open-full-branch-in-lagos-within-a-year-4363784.html
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