Zenith Bank and U.S.-based JPMorgan Chase announced conclusion of a joint venture agreement to provide global custody services and asset management services. Central Bank of Nigeria's Governor Charles Soludo had announced in December that global custodians, willing to manage Nigeria 's external reserves, must partner with one or more domestic banks. Soludo had also asked global custodians to assist domestic banks' development and growth. Soludo further said that CBN would give US$500 million reserves, for management, to any bank, which has a capital of US$1 billion. CBN had recently also released guidelines on Nigerians banks planning to manage the country's foreign reserves. In January CBN had sent the circular in this regard to all the 25 Nigerian banks that have emerged in the post-consolidation era.