Jpmorgan for the launch of the Digital Retail Bank in Germany in 2026

Written by Tom Sims

It said on Thursday that Frankfurt (Reuters) -Chees Digital Bank for sale in Germany in Germany in the second quarter of next year.

The American banking giant has prepared the launch in recent years through a set of employment, but it has maintained the timing under the winding. Germany will be the second European market for Chase, after its launch in Britain in 2021.

Jpmorgan is already one of the largest banks in Germany, which is attracted to the base of its large wealthy customers, the stable organizational environment, and the Fintech scene.

But the country is a market full of challenges due to a fragmented scene, with what analysts say it is a very large number of banks. The retail participants face a competitive market for consumers dominated by local job occupants, where the margins are thin.

Deutsche Bank, the largest bank in Germany, is trying to make the retail bank more profitable by getting rid of employees and branches.

Other lenders such as Panco Bilbao Vezkaya Argentaria have already launched digital banks in Germany, while ing and N26 are among the big banks on the Internet that have been working for a long time in the country.

The headquarters of the Cis Bank will be in Berlin and will start providing savings accounts before expanding the products.

“This represents a significant expansion in the country’s imprint in the country, and it depends on more than a century of customer and societies there,” said Jpmorgan said:

Jpmorgan’s senior executives have admitted that banks in the past struggled in retail banking services outside their home markets, but they say that the digital age has changed the game.

“This will be a battle,” Jimmy Damon, CEO of JPMorgan, CEO for a long time, told investors in 2022.

(Participated in the reports of Tom Sims, edited by Thomas Setal, Ludwig Burger, Thomas Ganeovsky and Jean Harvey)