US banking giant JP Morgan is rumoured to be working on the introduction of a digital consumer bank in the UK through its Chase brand.
The New York-based company will unveil a range of savings and loan products in the next few months, according to broadcaster Sky News.
International Adviser reached out to JP Morgan, but nobody was available to comment.
The bank is alleged to be in talks with financial and banking regulators in the UK to secure all the approvals necessary for the roll out of the digital offering.
Its consumer banking business operates mainly in the US, where it has 50 million customers, but the giant is supposedly looking to expand the offering across the pond.
A person familiar with the matter told the UK-based broadcaster that JP Morgan Chase is likely going to offer savings and current account as well as open banking services and loans.
The move follows American rival Goldman Sachs, which entered the UK digital market with its savings platform Marcus.
Media reports suggest the bank has been recruiting staff in the last few weeks to work on the digital project, which is supposed to be led by an unnamed executive at JP Morgan.
