Commerzbank (AO) | Buy | Chase launched: JPMorgan's retail bank in Germany

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Commerzbank (AO) | Buy | Chase launched: JPMorgan's retail bank in Germany

n German deposit market (liabilities to non-banks (non-MFIs)).

The group plans to build a full-service digital banking platform in Germany over time, with products ranging from current

accounts to investments and loans. While JPMorgan has already maintained a strong presence in Germany through investment

banking, asset management, private banking, and payments, the addition of consumer banking broadens its reach to retail

clients.

According to Daniel Llano Manibardo, head of Chase Germany, the bank has ambitious long-term goals and intends to become

one of the country’s leading retail banking providers. Following the success of Chase in the UK, where it has surpassed three

million customers, Germany becomes the company’s second consumer banking market in Europe.

Commerzbank management's comments regarding a Chase entry from our road show back in February

When investors highlighted the intensifying competition in German retail banking, with particular focus on JPM/Chase, CBK

management stated the following:

JPM is viewed as fundamentally different from prior digital entrants, given its balance sheet strength and global scale.

However, management expects any German market entry to be gradual rather than disruptive from day one.

While aggressive term-deposit campaigns would need to be matched if economically justified, CBK emphasised that liability

pricing must be supported by asset-side deployment discipline.

The overall message was cautious but not defensive.

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