Edward Jones secures conditional approval to launch federally chartered bank

Edward Jones, a US-based financial services firm, has received conditional approval to establish a federally chartered in-house bank.

The approval was granted by the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI).

The new entity, Edward Jones Bank, aims to help the firm “more comprehensively meet clients’ saving, spending and borrowing needs”, according to a company statement.