JP Morgan reportedly planning German digital bank offering
JP Morgan Chase is reportedly looking to launch a new digital bank in Germany, its second international effort following the launch of Chase in the UK in September 2021.
JP Morgan reportedly eyeing German expansion
The German launch is set for late 2024 or early 2025, Bloomberg reports, with plans to expand into other EU countries after.
The US banking giant is said to have been on something of a hiring spree in Berlin, with the German capital earmarked as a base for future EU consumer operations.
Digital retail bank Chase launched in the UK in 2021 with current accounts only but with plans for the portfolio to broaden over time. The bank has already racked up more than one million customers and more than $10 billion in deposits.
JP Morgan acquired UK fintech Nutmeg in June of that year and plans to outfit Chase with aspects of the digital wealth manager.
At the time, Sanoke Viswanathan, head of JP Morgan’s international consumer operations, told Financial Times the bank is planning to invest “hundreds of millions” in its new venture.
Viswanathan said in an investor presentation in May that consumer banking outside the US “represents a significant untapped opportunity”.
