JPMorgan takes on British rivals with launch of digital bank Chase

Chase's debit card is seen in this undated handout photo obtained by Reuters on September 20, 2021. Chase/Handout via REUTERS

LONDON (Reuters) - JPMorgan is challenging British rivals on their home turf with the launch on Tuesday of its long-awaited digital retail bank, Chase, as part of what the U.S. lender hopes will be a global expansion.

The launch marks the first foray into retail banking outside North America by one of the United States' most dominant lenders, heaping pressure on British incumbents such as Lloyds, Barclays, NatWest and HSBC which are already battling low interest rates and upstart digital rivals.