JPMorgan Chase to launch UK digital bank 2020

The world’s biggest lender by market capitalisation is set to introduce savings and loans products using the Chase brand in the next few months, according to Sky News.

The New York-listed bank is due to hold an investor day next week and will set out growth strategy details. 
It is believed that the bank will launch a range of savings and loan products using the Chase brand in the UK in the next few months.

This significant new entry into the UK consumer banking sector could spark a new price war among lenders already struggling to deal with a protracted period of ultra-low interest rates.  Sources told Sky News that JPMorgan Chase has been in discussions with City and banking regulators about securing the necessary approvals to pave the way for the launch.  It is understood the new service could launch as early as the second half 2020.

The US-based bank reported in its fourth-quarter earnings last month that Chase had an average deposit base of $708bn (£540bn).

Source: https://news.sky.com/story/jpmorgan-plots-launch-of-digital-consumer-bank-in-britain-11940211

Posted by Peter Oakes (www.peteroakes.com / Twitter @oakeslaw @US_Fintech @FintechUK_HQ @FintechIreland)
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