JPMorgan (NYSE:JPM) will expand its online bank Chase to Germany and other European Union countries, CEO Jamie Dimon told German newspaper Handelsblatt, which increases competition for European rivals in a crowded market.

Reuters has reported preparations for the move, but the CEO’s comments to Handelsblatt published on Friday mark the first official confirmation.

In 2021, JPMorgan tried something new by venturing into the British market. They introduced a digital-only retail service, which means everything happens online. The company’s leaders have shown that they want to bring this service to more countries in the future.

“It has always been clear to us that we want to introduce Chase not only in the UK, but also in Germany and other European countries,” Dimon said. “We have ambitious plans.”

He said the timing was undecided. A spokesperson for JPMorgan confirmed the report and wouldn’t comment on timing.

American banks have been trying to balance their earnings from investment banking, which can sometimes be unpredictable, with more stable income sources. However, they are up against tough competition in regular consumer banking services. The local banks already have a stronghold in this market, and their profits from these services are not very high.

JPMorgan, whose European Union hub is in the German financial centre of Frankfurt, has become one of the largest advisory banks in Germany in recent years, and is expanding to target more of the medium-sized firms that form the backbone of Europe’s largest economy.

Last year, analysts from Deutsche Bank said in a message that JPMorgan might want to grow its regular banking services in the European Union. But they questioned if it was a good idea to do this worldwide when other banks couldn’t do it successfully. They also pointed out that there are many strict rules and regulations that banks need to follow worldwide, which can be challenging.

Dimon told Handelsblatt he was confident of success.

“In Germany, ‘Chase’ is not yet so well known, but it is a strong brand worldwide. We are also a trustworthy bank with a strong balance sheet – and private customers know that,” he said.