J.P. Morgan reportedly plans to expand its online banking platform Chase into Germany and other European Union (EU) countries.
Preparations for such a move have been reported previously, but CEO Jamie Dimon confirmed the plans for the first time in an interview published Friday (July 21) in the German newspaper Handelsblatt, Reuters reported Friday. The timing of the launch has not been decided.
J.P. Morgan did not immediately reply to PYMNTS’ request for comment.
The bank entered the British market with its digital-only retail banking offering in 2021, according to the Reuters report. Now, it has its sights set on Germany.
With J.P. Morgan already being one of the largest advisory banks in Germany, the bank has been targeting more medium-sized enterprises and is now entering the consumer market, the report said.
“It has always been clear to us that we want to introduce Chase not only in the U.K., but also in Germany and other European countries. We have ambitious plans,” Dimon said, per the report.
He told Handelsblatt: “In Germany, ‘Chase’ is not yet so well known, but worldwide it is a strong brand. We are also a trustworthy bank with a strong balance sheet — and private customers know that.”
It was reported in September 2022 that J.P. Morgan would be hiring a team of retail bankers in Germany while looking to expand its international consumer business and seek steadier revenue streams.
The bank’s entry into the British market with a digital-only retail offering in 2021 was the first foray it had made outside the United States, Reuters reported at the time.
Executives said in that report that they wanted to expand to more countries but were looking at the success of the rollout before deciding where to add more such business.
It was reported during the same month, September 2022, that J.P. Morgan’s digital bank Chase UK closed out its first year with 10 billion pounds in deposits and 1 million customers.
The bank said at the time that it was looking to add more talent to its team of more than 1,000 employees, launch a Chase-branded credit card, introduce new features to the Chase current account, and roll out additional savings options and lending products, the Financial Times (FT) reported.
