Nigeria Cbank issues FirstRand with merchant bank license

LAGOS Fri Nov 23, 2012 10:36am EST

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LAGOS Nov 23 (Reuters) - Nigeria's central bank has issued the first merchant banking licenses in more than a decade to South Africa's FirstRand and local firm FSDH, it said on Friday.

FirstRand and local firm FSDH are the first to secure the merchant banking license in Africa's most populous nation.

(Reporting by Chijioke Ohuocha and Oludare Mayowa; Editing by Tim Cocks)