JPmorgan Chase is to launch its retail digital bank in Germany next year.
The giant US bank has been building out its plans for European expansion over the past few years. The launch in Germany would mark its second foray into Europe after the launch of its UK digital bank in 2021.
Chase UK has amassed around two million customers and £20 billion in deposits. The venture is winning over customers through a slick digital experience and high standards of customer care and was named Best British bank at the 2023 and 2024 British Bank Award. In June it launched its first credit card, offering customers 0% interest on purchases for up to 15 months.
The bank has yet to report a profit, but has confidently expressed a view that it will move into the black in 2025. While other challenger banks have struggled to move into profit, Chase's deep pockets means that it can sustain hefty losses as it scales up to offer customers a more rounded portfolio of primary bank products.
This strategy will be brought to bear as it expands into Germany, a crowded, fragmented market dominated by local incumbents.
JPMorgan has been plotting the move for more than two years. Back in 2023, Jamie Dimon, CEO said: "It has always been clear to us that we want to introduce Chase not only in the UK, but also in Germany and other European countries. We have ambitious plans."
In Germany, the Chase bank will be based in Berlin and will follow the same playbook adopted in the UK by initially offering high interest-bearing savings accounts before expanding products.
"This marks a significant expansion of JPMorganChase's footprint in the country, building on over a century of serving clients and communities there," the bank says in a statement.