Digital-only bank makes first foray into lending after amassing more than £20bn in deposits
JPMorgan’s UK digital-only bank is rolling out its first credit card to customers, expanding into lending after amassing more than £20bn in deposits in three years. JPMorgan, which is the largest bank in the US by assets, launched Chase UK three years ago as it sought to shake up the British banking market. Chase UK initially offered only current accounts with a rewards programme before adding savings and investment products.
The move comes as JPMorgan is pressing ahead with an international expansion plan in retail banking even as rivals such as Citigroup have been scaling back their overseas network. The strategy is a bet that JPMorgan, which has more than $4tn in assets, can build a digital-only retail bank that will ultimately be able to go head to head with local banks outside the US.
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