American banking giant JPMorgan is all set to launch its digital bank Chase in the UK next week.
Chase, which is JPMorgan’s first overseas retail lender, is expected to be launched on Tuesday, Reuters reported citing a JPMorgan spokesperson.
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“This is a very big strategic commitment from the firm’s standpoint,” Sanoke Viswanathan, head of JPMorgan’s international consumer division, told the Financial Times.
“We will spend hundreds of millions before we get to break even and get to a place where this is a sustainable business, and we are not in a rush.”
JPMorgan, which has $3.4 trillion in assets, first announced the plan to launch Chase in the UK in January this year.
At the time, JPMorgan had said that Chase was being piloted and had created 400 jobs in the country.
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By GlobalDataThrough a smartphone app, Chase will initially offer current accounts and expand its product portfolio eventually.
Notably, in June this year, JPMorgan acquired Nutmeg to expand its digital banking presence in the UK.
The banking giant is following its rival Goldman Sachs, which launched its digital consumer bank Marcus in the UK in 2018.
The UK’s digital banking market is lined up with startups like Monzo, Revolut and Starling. Chase will also face competition from market leaders such as Lloyd’s, Barclays, NatWest, and HSBC.
In the US, Chase is said to have approximately 55 million digitally active customers and offers a wide range of consumer banking products.
