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BBVA preps German digital bank

BBVA preps German digital bank

Spain's BBVA is planning to launch a consumer digital bank in Germany, according to Bloomberg.

The bank is conducting a feasibility study and putting together a team for the launch, says Bloomberg, citing sources. BBVA would use existing technology, keeping costs low.

The project is being led by Javier Lipuzcoa, who runs a similar digital outpost for BBVA in Italy. Launched in 2021, that business is exceeding expectations, with 420,000 customers.

BBVA is not the only outside lender eying a digital push into Germany. JPMorgan is planning to bring its Chase brand to the country following a successful roll out in the UK.

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