JPMorgan Chase (JPMC) is looking to greatly increase the presence of its digital bank offering, Chase, in Europe by 2030, according to the Financial Times.

Citing people familiar with the plans, the paper reported that the firm would expand Chase to a minimum of three additional countries in Europe by the end of the decade, with France, Italy, and Spain under consideration.

JPMC brought Chase to the UK in 2021 and has since rolled out a credit card and an insurance offering in the country. Its UK customer base has since risen to over one million, totalling over £30 billion in deposits.

In May, JPMC expanded the digital bank to Germany in its first European expansion. At the time, Chase’s German retail banking head Daniel Llano Manibardo told the FT that he expected expansion into subsequent EU markets would be simpler than adapting the UK and US banking structures for the EU.

The paper reported that executives at JPMC believe they can leverage the JPMorgan brand and balance sheet to attract customers rather than positioning Chase as a straightforward challenger to traditional banks.

“Chase is trying to find that middle space where it can be a more innovative and digital-forward bank, but really lean on the brand of JPMorgan,” a source told the FT.

In April the bank announced Kunal Malani as its new head of Chase UK, subject to regulatory approval. He currently serves as Monzo’s chief banking officer and group general manager.

At the time, JPMC said[IH5.1] Malani’s expertise would be beneficial “as we work towards our vision of becoming the leading primary bank and investment partner across Europe”.

JPMC has also targeted business customers in Europe in recent months, partnering with Mastercard to roll out a virtual business to business card in March.

Jamie Dimon, chief executive of JPMC, has also floated the proposition of the bank spending up to $20 billion on an acquisition in the coming years.

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