Zurich applies for a banking license for their asset management business in Switzerland

Zurich, July 9, 1998. The Zurich Group has requested approval from the Swiss Federal Banking Commission to carry out banking activities in Switzerland. As part of Zurich’s core business, asset management, the future bank will concentrate on a handful of customized investment products that for legal reasons require a bank as legal entity.

According to plans, the bank - which is not intended as a universal bank - will begin operations late 1998 at the earliest. Its initial share capital will amount to CHF 10 million.