JP Morgan, America’s largest bank, plans to upgrade its Lagos representative office to a full-fledged business branch, marking a significant expansion of its presence in Nigeria and Africa.

The bank intends to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months, according to a report by African Intelligence.

The move is part of JP Morgan’s broader strategy to deepen its presence across Africa, with plans to expand into additional countries every few years. The bank, led by CEO Jamie Dimon, aims to enhance its service offerings in Nigeria beyond advisory and asset management to include dollar loans for large companies.

Key highlights of JP Morgan’s expansion plans include:

• Upgrading Lagos office: The bank will transform its representative office in Lagos into a full-fledged business branch.
• Merchant banking license: JP Morgan will apply for a merchant banking license from the CBN to expand its services.
• Expanded service offerings: The bank plans to offer dollar loans to large companies, in addition to its