JPMorgan Chase & Co. agreed to buy digital wealth manager Nutmeg Saving and Investment Ltd., part of a push to set up a retail banking presence in the UK.Nutmeg, founded in 2012, has more than 140,000 clients and ÂŁ3.5 billion under management, the equivalent of roughly $5 billion. A price for the acquisition wasnât disclosed but people familiar with the transaction stated that it was roughly $1 billion.JPMorgan stated in January it would launch a new digital bank in the UK., offering consumer banking services there for the first time. Called Chase, it is currently being tested internally with JPMorgan employees ahead of public launch later this year.Nutmegâs savings and investment products wonât initially be offered through the retail banking project.JPMorgan is entering a crowded digital banking marketplace in the UK. Regulators encouraged new startups, including Starling Bank Ltd. and Monzo Bank Ltd., to boost competition in the wake of the last global financial crisis. Their so-called challenger banks have forced traditional lenders to improve their digital offerings but have battled to earn profits.
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