As it aims to upend the UK banking market, Chase’s launch will mark JP Morgan’s first overseas retail operation in its over-two-century-long history. The head of JP Morgan’s international consumer division, Sanoke Viswanathan, told the Financial Times that the company would invest heavily to transform Chase into a serious force in the UK. The American lender also has plans to expand into Europe and Latin America.
“This is a very big strategic commitment from the firm’s standpoint,” Viswanathan said. “We will spend hundreds of millions before we get to break-even and get to a place where this is a sustainable business, and we’re not in a rush.”
According to sources close to the process, Chase will officially launch in the UK next week after having been first alluded to back in January of this year.
In preparation for the digital bank’s launch, JP Morgan ran a pilot programme with over 6,000 employers for six months. Initially, Chase will only offer current accounts with a rewards programme. However, over time, it aims to delve into personal lending, investment, and mortgages.
Here's the story of how the country's largest bank got to where it is today.
Biographer of J.P. Morgan Jean Strouse, longtime bank analyst Mike Mayo and CNBC banking reporter Hugh Son help tell the story. You’ll learn about how Aaron Burr and Alexander Hamilton are part of the bank’s history, along with the first ATM, and the company’s position moving forward into the future of digital banking.
JPMorgan Chase & Co. and Omidyar Network announced a $10 million (€9.3 million) combined investment in FIRST, a private equity fund focused on serving the needs of low-income and underserved populations in Brazil, in mid-March.
The fund will make investments in high-growth companies in sectors providing essential products and services to low-income households, such as education, healthcare, housing and financial services.
"This investment reinforces Brazil as a JPMorgan Chase focal point, regionally and globally," said Jose Berenguer, Senior Country Officer for Brazil, JPMorgan Chase. "Investing in businesses such as FIRST is the best way to contribute to Brazil's development and improve income distribution in our country."
The fund, which has raised $66 million (€61.4 million), brings together several leading global investors including the International Finance Corporation (IFC), German development finance institution DEG and French development finance institution PROPARCO to accelerate the growth of impact investments in Brazil, which seek to generate financial returns while making a positive social and environmental impact.
"Omidyar Network is pleased to support FIRST. It serves as a cornerstone of the growing impact investing industry in Brazil and brings with it seasoned venture capital expertise with a proven track record," said Eliza Erikson, Director, Investments at Omidyar Network.
