JPMorgan Chase launches UK’s first overseas consumer offering

If this offer of online banking is well accepted, the institution can decide to extend it to lending or investment services, or even offer it in other countries in Europe or Latin America.

US bank JPMorgan Chase will, for the first time in its history, offer dedicated services to individuals abroad, by launching a mobile app in the UK on Tuesday under its Chase brand, a source close to AFP told AFP.

This source added that if this offer of Internet banking is welcomed, the institution may decide to expand it to include lending or investment services, or even introduce it in other countries in Europe or Latin America.

deposit account

But the largest US bank by assets, at the moment, wants to focus on its new service in the UK, which consists of a deposit account, and does not provide details of possible expansion plans.

JPMorgan Chase has not previously offered its retail banking services outside the United States, which account for about half of its revenue. But the institution already provides investment banking, brokerage, and wealth management services in many countries.

To advance its international digital wealth management offering, particularly in the UK, the US banking giant also announced in June the acquisition of British automated investment advisory firm Nutmeg.

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