Scottish Mutual International and Scottish Provident Ireland have closed to new business because of ...
Scottish Mutual International and Scottish Provident Ireland have closed to new business because of a sharp fall in investment markets, which has caused many funds to close to new business, parent company Abbey National says.
The decision means Scottish Mutual International is closing to new business in all territories except the Channel Islands, the Isle of Man and the UK.
Abbey National for Intermediaries' sales teams will continue providing products to clients in the Channel Islands, the Isle of Man and the UK.
Abbey previously closed the Scottish Mutual UK with profits fund in December last year, and closed Scottish Provident's UK and Irish with profits fund in August 2001.
The new changes mean that sales offices in Limerick, Cork and Galway will close, and a significant proportion of jobs in the Dublin offices of Scottish Mutual International and Scottish Provident Ireland will be culled, with the remainder kept on to service existing policyholders.
A spokesman for Abbey says the changes are part of the company's focus on exiting non-UK core businesses, which have been lumped together in a "portfolio business unit".
Also in the PBU and set for the chop are Scottish Provident International, and train and aircraft leasing businesses.
Abbey wants to complete its transformation into a UK personal finance focused company within the next three years.
The changes will be pushed through within the three-year deadline regardless of whether the businesses in question can be sold as going concerns or not, and it is expected that this will lead to further redundancies.
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