Scottish Provident

Type
Merger/Acquisition
Country
United Kingdom
Region
Scotland; East Central Scotland; City of Edinburgh
Location of affected unit(s)
Edinburgh
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
900 jobs
Number of planned job losses
Job loss
Announcement Date
10 January 2004
Employment effect (start)
Foreseen end date

Description

Scottish Provident, one of UK's leading insurance provider, was bought by Abbey (formerly Abbey National) in 2001. Abbey, after considering the outsourcing of the jobs in India will transfer them to their Glasgow offices instead. Unions accused Abbey of imposing redundancies through the back door, by asking employees and their families to uproot from Edinburgh to Glasgow. Abbey is committed to a large restructuring plan aiming at returning to its core business of retail banking.

Sources

  • 14 January 2004: The Guardian
  • 10 January 2004: The Guardian

Citation

Eurofound (2004), Scottish Provident, Merger/Acquisition in United Kingdom, factsheet number 59541, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/59541.