(Bloomberg) -- JPMorgan Chase & Co. has hired Daniel Llano Manibardo as head of consumer banking for Germany as it forges ahead with plans to launch a digital retail offering in the country.
Manibardo, 49, joins from ING Groep NV, where he oversaw the German retail banking operations since 2018, according to an internal memo seen by Bloomberg News. The contents of the memo were confirmed by a JPMorgan spokesperson.
The appointment “is an important next step as we move closer to launching Chase in Germany,” Sanoke Viswanathan, CEO for International Consumer Banking, and Stefan Behr, head of J.P. Morgan SE, said in the memo, referring to the brand that the digital consumer bank will run under.
The US banking giant has been focused on expanding its international consumer operations to the European Union, having already set up shop in the UK in 2021. It is expected to launch a digital bank in Germany late this year or early 2025, plunging JPMorgan into one of most competitive banking markets in the world.
Manibardo will be based in Berlin, JPMorgan’s hub for the EU expansion of the international consumer bank.
The New York-based lender also intends to open an office in Munich as it expands its operations in Europe’s largest economy. The office, which is expected to include about 30 people, will focus on asset management and corporate banking.
Separately, ING on Friday named Lars Stoy as its new CEO for Germany, succeeding Nick Jue. Stoy was the head of Deutsche Bank AG’s private bank in Germany.
The Dutch bank lost another European executive on Friday as Banco Santander SA announced it had hired Ignacio Julia as CEO of its domestic operations. Julia as served as the head of the Dutch lender’s Spanish and Portuguese businesses.
(Adds details on another hire from ING in last paragraph)
©2024 Bloomberg L.P.
