J.P. Morgan & Co. has applied for a banking license in South Africa as part of an effort to broaden its operations there. A Morgan spokesman in London said the banking license will help it engage in a wider range of businesses. He said the bank was still awaiting approval from South African regulatory authorities.
Morgan runs a representative office in Johannesburg and a securities company that handles trading and underwriting. The bank hopes to strengthen its operations in credit, sales and trading, investment banking, and corporate finance.