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IN BRIEF / INSURANCE

Bank One to Acquire Zurich Financial Unit

May 31, 2003|From Bloomberg News

Bank One Corp. agreed to buy most of Zurich Financial Services' U.S. life insurance unit for about $500 million in cash to become the nation's second-biggest life insurer among U.S. banks behind Citigroup Inc.

The purchase makes Chicago-based Bank One the first U.S. lender to expand into insurance underwriting since a 1999 law enabled banks and financial companies to enter each other's businesses.

Bank One shares rose 47 cents to $37.36 on the New York Stock Exchange.

From Bloomberg News

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