Zurich receives bank license

Zurich, January 29, 1999. - Zurich is steadfastly progressing from an insurance company to a financial services organization. In the near future it will be including tailored savings and investment solutions for the public at large in its range of services. Doing so will enable it to offer customers more solutions in the area of financial protection and asset accumulation.

For legal reasons, savings and investment products require a bank as legal entity. The Swiss Bank Commission has approved Zurich’s request for permission to conduct business operations in Switzerland. The new institute will commence operations under the name Zurich Invest Bank AG in spring 1999. Starting share capital will amount to CHF 20 million. Zurich Invest Bank AG will not offer the services of a universal bank, but rather will concentrate on clearly defined products.