Zurich Italia has entered the financial advice space in the Mediterranean country.
Zurich Bank has also received a licence to carry out banking and investment services from the European Central Bank, which will complement the advisory offering.
The move comes a year after Zurich acquired the advice network of Deutsche Bank Financial Advisors in Italy.
“Obtaining the banking licence for Zurich Bank represents a fundamental step for Zurich,” said Giovanni Giuliani, chief executive of Zurich in Italy, in a statement International Adviser translated from Italian.
“We want to create a fluid and multi-channel distribution model, able to offer a synergic range of investment, insurance, banking and financial services leveraging the expertise of a strong network focused on the Italian financial advisory market.
“The creation of this new venture confirms Zurich’s willingness to innovate and our commitment to protect our clients by creating a culture within the financial and insurance space that safeguards our customers.”
Zurich Bank will become operative following the finetuning of the Deutsche Bank acquisition, which is expected to take place after the summer, and after all customary approvals.
