US-based investment bank JPMorgan Chase has unveiled its plans to establish a new digital retail bank for the UK consumers.
The new digital bank, to be based in Canary Wharf, London, will use the Chase brand.
With a purpose-built customer contact centre in Edinburgh, the bank will provide customised products and features for UK customers, through an advanced mobile app.
As part of the launch, JPMorgan’s corporate and investment bank chief administrative officer and strategy head Sanoke Viswanathan has been appointed as CEO of the new digital banking business.
JPMorgan Chase co-president and consumer and community banking CEO Gordon Smith said: “We are bringing Chase to the U.K. because we want to provide customers with a new banking choice – one that will enable them to benefit from a simple and exceptional banking experience, built on the significant capabilities of JPMorgan Chase.
“The U.K. has a vibrant and highly competitive consumer banking marketplace, which is why we’ve designed the bank from scratch to specifically meet the needs of customers here.”
JPMorgan Chase said that its digital bank has already created 400 jobs in the UK, with recruitment planned based on business growth.
Its UK-based subsidiary is licensed to operate the digital bank, while both Prudential Regulation Authority and the Financial Conduct Authority to regulate its activities.
The new digital bank is anticipated to provide a wide range of products, while the company’s UK-based customer contact centre will offer personalised services. The company is currently testing the new offering before releasing it to the public.
JPMorgan Chase London-based co-president Daniel Pinto said: “Our decision to launch a digital retail bank in the U.K. is a milestone, introducing British consumers to our retail products for the first time.
“This new endeavour underscores our commitment to a country where we have deep roots, thousands of employees and offices established for over 160 years.”
