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Other banks think its gone cuckoo...
Published: 15 January 2002 08:11 GMT
Life assurance company Swiss Life is investing $105m in a new internet-based financial service aimed at its more affluent customers.
Called Redsafe.com, the service will offer banking, insurance, investment and financial advice.
The decision goes against the trend of European financial organisations scaling back investment in online financial services due to a lacklustre response from customers, according to the Financial Times.
But Swiss Life has taken the plunge because its stagnant domestic market has forced it to look for business elsewhere.
The company hopes to see its online bank accounts grow by 72 per cent this year.
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