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Zurich Finan Servs (0JB0)

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Wednesday 05 February, 2003

Zurich Finan Servs

Zurich sells Rued Blass

Zurich Financial Services
05 February 2003

   Zurich Financial Services
  Media and Public Relations

                Mythenquai 2
                    P.O. Box
                 8022 Zurich

    Phone +41 (0)1 625 21 00
      Fax +41 (0)1 625 26 41
       [email protected]

Zurich Financial Services sells Rud Blass to Deutsche Bank

Zurich, February 5, 2003 - Zurich Financial Services and Deutsche Bank have
signed a definitive agreement today under which, subject to regulatory approval,
Deutsche Bank (Switzerland) Ltd. will acquire all of the shares of Rud, Blass +
Cie AG, Bankgeschaft (Rud Blass). The parties agreed to keep the price, which
reflects net asset value and goodwill, confidential.

Axel P. Lehmann, Chief Executive Officer of Zurich Continental Europe, said, 
'The sale of Rud Blass marks yet another step in our consequent realignment of
Zurich as an insurance-based financial services provider.'

Rud Blass, which focuses on providing private banking solutions to high net
worth individuals, is noted for its expertise in managing Swiss and European
equities and Swiss real estate investment products, and has CHF 7.1 billion
invested client assets. Rud Blass will keep its brand name and continue to
operate as a separate legal entity in the Swiss market.

Zurich Financial Services is an insurance-based financial services provider with
an international network that focuses its activities on its key markets of North
America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is
headquartered in Zurich, Switzerland. It has offices in approximately 60
countries and employs well over 70,000 people.

For further information please contact:

Zurich Financial Services, Media and Public Relations
8022 Zurich, Switzerland
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41
SWX Swiss Exchange/virt-x: ZURN

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                                                              

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