Anglo Irish Bank has announced the setting up of Anglo Irish Assurance Company, which will provide a range of personal, corporate and retirement investment products. The bank received approval in principle from the Department of Enterprise, Trade and Employment to operate its own assurance company last December and it has now received a full licence.

The new company, led by Mr Anton Davies, will offer customers 24-hour Internet access to their investments, the option of free fund-switching and control of their personal portfolios.

The company's products will be marketed under the brand name "Elect".

Mr Davies said customers would be offered tailored solutions to their needs. "Our range of investment services encourages the customer to stay involved in their investment," he said. Anglo Irish Assurance will be based at Heritage House on St Stephen's Green in Dublin and will cater for the same niche market as Anglo Irish Bank.

The company's website, www.aiac.ie, which will be operational from Monday, will allow customers to track the progress of their investments. According to the company, the interactive aspect of the website will be fully functional from mid-March.