The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

And pigs might fly

Whoever decided that flying pigs belong in an advert for Zurich's new UK bank clearly has a warped sense of irony. A check over the history of the UK banking market shows that new entrants have faced difficult take-offs and often suffered crash landings.

Zurich Financial Services, the embattled Swiss group, is the latest to be lured. Big profits at the dominant four UK banks have proved a honey trap for US banks, insurance companies and supermarkets.

But life has not been sweet for them. Citibank UK has quickly faded into obscurity with five branches and not many more customers. And almost four years since it was launched, Egg, owned by UK insurer Prudential, is barely profitable, with a market share of around 1.5%.

"Anyone who wants to break into the UK market is in for a very difficult time," says a UK banks analyst. "It's extremely hard to get customers and even Egg, which has the advantage of being the first mover, is struggling."

Zurich hopes that its flying pigs - in television commercials, adverts on public transport and in newspapers - will attract potential customers to its "unique proposition".

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree