JPMorgan CEO Jamie Dimon confirmed that the company plans to expand its online bank Chase to Germany and other EU countries, increasing competition for European rivals in a congested sector.

The move comes after JPMorgan launched its first digital-only retail business in Britain in 2021.

Dimon stated that the company has ambitious plans to introduce Chase not only in the UK but also in Germany and other European countries.

JPMorgan, headquartered in Frankfurt, is targeting medium-sized enterprises, the backbone of Europe’s largest economy.

Deutsche Bank analysts questioned why expanding retail banking globally is necessary, but Dimon assured Handelsblatt of success.