JPMorgan Chase is looking to expand its offshore consumer banking business by launching a digital bank in Germany, reported Bloomberg, citing sources aware of the development

The German unit will be the Wall Street bank’s second retail outpost outside the US and will allow the bank to expand in Europe. 

According to sources, JPMorgan plans to launch the bank in late 2024 or early 2025 and expand in other European Union markets after that. 

As part of the effort, the lender has been hiring in Berlin, which is expected to be the base of its consumer operations in the bloc, they added. 

In September 2021, JPMorgan forayed into the overseas retail banking market by launching a digital retail bank in the UK.

JPMorgan plans to expand the portfolio of its UK business by offering credit cards as early as this year, followed by personal loan offerings. 

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A JPMorgan representative declined to comment on the bank’s efforts to expand its global consumer operations.

The news comes as the bank rivals Citigroup and Goldman Sachs cut back their retail banking operations across the globe. 

In an investor presentation in May, JPMorgan Chase chief strategy and growth officer and CEO of international consumer bank Sanoke Viswanathan said: “Consumer banking outside the United States represents a significant untapped opportunity for the firm. 

“Historically, banks have struggled to do well in markets outside their home markets in retail banking, but we think this is changing with digital.”

Last September, media reports said that the lender plans to double the headcount at its UK retail unit in the next two years.