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.