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Zurich winds down offshore structured product arm

Zurich winds down offshore structured product arm

Zurich is winding down offshore structured product provider Zurich Bank International.

Zurich said it had closed the Isle of Man-based subsidiary to new business as part of the group's bid to exit banking services and focus on its insurance offering.

Zurich Bank International had offered a range of structured deposits, included three- and five-year plans linked to various indices such as the FTSE. As of December 2012, Zurich Bank International held over £300 million in structured deposits. It also offered fixed-rate bonds and bank accounts.

Zurich Bank International chief executive Mark Waterhouse said the division would continue to serve its existing customer base.

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