US banking giant JP Morgan will launch its digital-only bank, Chase, in Germany and other European countries.
In an interview with the German-language business newspaper Handelsblatt, JP Morgan CEO Jamie Dimon confirmed the plans.
“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,” he said.
“In Germany, Chase is not yet so well known, but worldwide it is a strong brand. We are also a trustworthy bank with a strong balance sheet – and private customers know that,” Dimon told Handelsblatt.
He added that the bank’s management remains undecided about the timing of the launch.
Chase’s head of Europe, Kuba Fast, posted on LinkedIn that JP Morgan is “building the European hub for Chase in Berlin” and outlined several roles that it is recruiting for in Germany.
Chase UK launched in 2021 and has since experienced significant success. It was the fastest growing fintech app of 2022, amassed over 1.6 million customers in less than two years and has accumulated £15bn in customer deposits. The bank also won several awards, including Best British Bank at the British Bank Awards 2023.
JP Morgan has a long history in Germany, as the first foreign bank to reopen its branches in 1947. Its European Union headquarters is in Frankfurt and it has been growing its German advisory business over the past few years.