Johannesburg - Nigeria's central bank (CBN) has issued the first merchant banking licenses in more than a decade to South Africa's FirstRand [JSE:FSR] and local firm FSDH.
FirstRand and FSDH are the first to secure the merchant banking license in Nigeria.
The CBN said the approval of FirstRand to operate merchant banking services in Nigeria was a sign of international interest in the nation’s economy.
The CBN told the Sunday Tribune that while it required N15bn to obtain the merchant banking license, the apex bank had completed a new banking model which informed the licensing of FirstRand and FSDH, stating that many foreign organisations were showing interest in the country and more would still be licensed.
FNB is part of the FirstRand Group.
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