LONDON (March 16, 2001) Zurich Financial Services and Bank of Scotland today announced plans for a major joint venture to provide banking services and loan products to Zurich's 4.5 million UK retail customers. Zurich and Bank of Scotland will each take a 50% stake in the collaborative venture.
The joint venture, which is planned to become operational later this year and is subject to regulatory approval, will offer bank accounts, personal loans, mortgages and credit cards under the Zurich brand. It also plans to provide banking services through Zurich’s personal financial portal which will launch this summer. Distribution will be through Zurich’s existing channels, which include the Allied Dunbar Franchise Network and Eagle Star Direct, in addition to the personal financial portal. The personal financial portal will provide Zurich’s customers with on-line banking and insurance products, as well as a range of services such as share portfolio valuations and market news. The key benefits of the planned joint venture for Zurich are:
- Broader customer offering to include Zurich branded banking and lending products
- Access to UK retail banking expertise and clearing system
- Stronger financial portal proposition through addition of on-line banking services
Commenting on the announcement, Sandy Leitch, Chief Executive of Zurich Financial Services (UKISA), said:
The joint venture, which is planned to become operational later this year and is subject to regulatory approval, will offer bank accounts, personal loans, mortgages and credit cards under the Zurich brand. It also plans to provide banking services through Zurich’s personal financial portal which will launch this summer. Distribution will be through Zurich’s existing channels, which include the Allied Dunbar Franchise Network and Eagle Star Direct, in addition to the personal financial portal. The personal financial portal will provide Zurich’s customers with on-line banking and insurance products, as well as a range of services such as share portfolio valuations and market news. The key benefits of the planned joint venture for Zurich are:
- Broader customer offering to include Zurich branded banking and lending products
- Access to UK retail banking expertise and clearing system
- Stronger financial portal proposition through addition of on-line banking services
Commenting on the announcement, Sandy Leitch, Chief Executive of Zurich Financial Services (UKISA), said:
This is an important strategic move for Zurich. It fits with our goal of reaching more customers and increasing our product range through strategic alliances. It is also a significant step towards the launch of our personal financial portal in the UK this summer. I am delighted that we are now able to combine the strength of Zurich Financial Services, a global leader in insurance and investments, and the Bank of Scotland, one of the best run banks in the UK.
Peter Burt, Group Chief Executive of Bank of Scotland, said, "The combined strength of Bank of Scotland and Zurich Financial Services will open up new markets and reinforces Bank of Scotland's position as the UK's leading partnership bank. We have known Zurich for many years and I am delighted at this further extension in our relationship."
For further information, please contact:
Andrea Minton Beddoes
Zurich Financial Services (UKISA)
Tel: +44 (0)20 7495 5608; andrea.minton.beddoes@uk.zurich.com
Lindsay Carruthers
Bank of Scotland Press Office
Tel: +44 (0)131 243 7077; lindsay_carruthers@bankofscotland.co.uk
Pager (out of hours): +44 (0) 7 669 004 510
