JPMorgan to launch digital bank Chase in Britain next week


London: JPMorgan & Chase Co. is set to launch next week its first overseas retail bank in the United Kingdom, in what is seen as a long overdue assault of British high-street banks and online lenders.

Called Chase, the digital bank is set to launch its smartphone app initially offering current accounts on Tuesday, a JPMorgan spokesperson confirmed. Sanoke Viswanathan, head of the online venture, told the Times and Financial Times newspapers on Friday the bank planned to expand into lending and investments as well as expand in other countries if successful, starting with continental Europe.

The JPMorgan spokesperson confirmed the contents of the interviews.

JPMorgan is following US rival Goldman Sachs into the market, which has been offering savings accounts to consumers in Britain since 2018. The US banks are looking to bolster lucrative but volatile returns in investment banking with steadier retail revenues, but face a competitive market dominated by incumbents including Lloyds, Barclays, NatWest and HSBC. Relative newcomers include Monzo and Starling.

JPMorgan bolstered its British venture earlier this year
by purchasing digital wealth manager Nutmeg for £700 million ($966 million), as it aims to tap a growing band of pandemic-era savers.

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