Benzinga | Sep 17, 2021 07:06AM EDT

JPMorgan Set For Digital Bank Launch In Britain Next Week

* JPMorgan Chase & Co (NYSE:JPM) is ready to launch its long-planned digital retail bank Chase in Britain from the upcoming week, Reuters reports.

* JPMorgan's first overseas retail bank aims to launch its smartphone app, initially offering current accounts on Tuesday.

* It planned to expand into lending and investments and other countries, starting with continental Europe.

* Britain's consumer-banking market players include digital startups like Monzo Bank Ltd and Starling Bank Ltd, Bloomberg reports. Goldman Sachs Group Inc (NYSE:GS) introduced its online bank, Marcus, to the U.K. in 2018.

* JPMorgan bolstered its British venture earlier this year by acquiring digital wealth manager Nutmeg Saving and Investment for 700 million pounds ($966 million).

* Price Action: JPM shares traded higher by 0.01% at $158.1 in the premarket session on the last check Friday.