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Abbey may close Scottish Mutual to new business
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ABBEY National is considering a proposal to close Scottish Mutual
to new business, ditch its brand name and axe hundreds of jobs at the
Glasgow life assurer in a bid to cut costs.
Although Abbey, which was being stalked by Bank of Ireland and
National Australia Bank, denied reports last week that it has put
Scottish Mutual up for sale, it is understood to be considering
drastic plans to stop the life office draining more cash out of the
group.
Abbey, which was seen to pay over the odds for Scottish Provident
at GBP 1.8bn in 2000, has also during the last 18 months ploughed
more than GBP 1bn ...
Related newspaper, magazine, and trade journal articles from HighBeam Research
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City: Abbey wins pounds 2bn Scottish Provident
Newspaper article from: The Sunday Telegraph London
; ...illness cover. Scottish Provident has pounds...already owns Scottish Mutual, the Glasgow-bas...offices of Scottish Provident and Scottish Mutual. About 500...to keep the Scottish Provident brand to sell...products while Scottish Mutual will ...
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Executive exodus hits Scottish Provident
Newspaper article from: The Independent - London
; ...is descending on Scottish Provident, with a succession...which purchased the Scottish mutual insurer last September...have already left Scottish Provident, and many more are...as a merger with Scottish Mutual, which Abbey also...as a takeover of Scottish ...
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Scottish Provident agrees to 2bn pounds Abbey takeover
Newspaper article from: The Scotsman
; ...subsidiary, Scottish Mutual. Another attraction...National is Scottish Provident's ownership...other areas. Scottish Provident had sought to...subsidiary, Scottish Mutual. It is understood...survival of Scottish Mutual, which is based...was bought by ...
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Scottish Mutual: 'We're staying'
Newspaper article from: The Sunday Herald
; ...started the rumours SCOTTISH MUTUAL, the Glasgow...Abbey subsidiary Scottish Provident's protection...communications at Scottish Mutual. Whereas Abbey...Scottish Mutual, Scottish Provident, James Hay, Cater...planned closure of Scottish ...
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 "Western Mail (Cardiff, Wales)")
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Abbey National injects funds into Scottish Provident.(Business)
Newspaper article from: Western Mail (Cardiff, Wales)
; ...the bank tried to bolster Scottish Provident's balance sheet. Like most of the UK's life companies, Scottish Provident has been hit by falling...the bank. Edinburgh-based Scottish Provident sits alongside Abbey's other life company Scottish Mutual. The two units employ ...
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Advisers' approval could see Abbey dump brands.(Abbey National PLC to rebrand its Scottish Provident and Scottish Mutual products)
Magazine article from: Financial Adviser
; ...scrap the Scottish Provident and Scottish Mutual brands if...would rebrand Scottish Provident and Scottish Mutual products...this month. Scottish Provident was bought...2001 while Scottish Mutual was bought...
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Abbey forced to further subsidise Scottish Provident cash payouts
Newspaper article from: The Scotsman
; ...more cash into its Scottish life insurance...undisclosed sum into Scottish Provident earlier this month...assurance business, Scottish Mutual, last year. It...credit rating on Scottish Provident to A minus from...Scottish Provident and Scottish ...
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In brief: Pictet & Cie/Stamford Associates/Scottish Mutual.
Newspaper article from: Financial News
; ...investment officer. Scottish Mutual launches single...services from Scottish Mutual, Scottish Provident, Scottish...as well as Scottish Mutual Ittish Provident...acquisition of Scottish Provident in August...
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 "The Birmingham Post (England)")
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Scottish Provident windfall bonus.
Newspaper article from: The Birmingham Post (England)
; ...with mutual insurer Scottish Provident yesterday learned...Abbey National. Scottish Provident's 325,000 qualifying...speculation about Scottish Provident's future, following...existing insurer Scottish Mutual, based in Glasgow...staff employed by Scottish ...
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Scottish Mutual faces jobs cull if Lloyds wins Abbey
Newspaper article from: The Sunday Herald
; ...National's Scottish Mutual subsidiary...around #120bn. Scottish Mutual and Scottish Provident will specialise...to sell off Scottish Mutual, which could...myself think Scottish Mutual will...melding. If both Scottish Mutual and ...
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