Swiss insurer Zurich has made its first tentative steps into the retail banking market with an announcement that it will set up a joint venture with the Bank of Scotland.

The move is the latest by major insurers to get involved with banking. Barclays Bank and Legal & General have already set up in business together, and Deutsche Bank and Allianz are also set to make the step. The 50/50 joint venture between Zurich and the Bank of Scotland will see the Swiss insurer selling accounts, loans, mortgages and credit cards under the Zurich brand. However, the bank won’t sell Zurich’s insurance policies – for the present, at least.