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Zurich Bank to close

Zurich Financial Services is today closing Zurich Bank, its UK internet bank, to new business and withdrawing the service completely in the spring of next year.

The move to close the bank, launched late last year in a joint venture with HBoS, is a result of Zurich Financial Services&#39 decision announced today to refocus itself as an insurance-based financial services provider.

It says normal service will continue for existing customers in the interim period but it will no longer accept new customers and Zurich will no longer offer mortgages and loans under its own name.

It says its launch into online banking resulted in 70,000 applications and all existing banking customers will be offered the option to transfer to alternative Halifax or Intelligent Finance bank accounts.

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