26th Apr 2006 09:30
Prudential PLC26 April 2006 Embargo: 10.00am Wednesday 26 April 2006 PRUDENTIAL ANNOUNCES UK SITE CLOSURES AS PART OF COST SAVING PROGRAMME Prudential today announces a plan to close its sites in Belfast, Bristol andHolborn Bars in London. The reorganisation is part of the £40 million-a-yearcost-saving initiative announced in December last year. As a direct result of this proposal, around 700 roles will be transferred toother Prudential sites in the UK and India, although some of those employees maychoose not to relocate within the company. There is no possibility of anycompulsory redundancies as a result of this announcement until the end of 2006.The relocation programme will take two years to complete. The staff employed atthe Belfast and Bristol sites are currently involved in a 90-day consultationperiod via unions and staff organisations. Nick Prettejohn, Chief Executive of Prudential UK and Chairman of Egg, said:"Today's announcement continues our policy of establishing core sites in the UKbusiness and building on strengths while delivering a cost savings programme. "These reorganisation proposals are an important step in delivering the costsavings that will enable the UK business to continue to build on the strongpositions we have established across the financial services market. "Any change that results in redundancies is regrettable. We are consulting withunions and staff organisations and will make every effort to ensure that ourpeople are kept informed and helped through this difficult transition period." ENDS The information contained in Prudential UK's press releases is intended solelyfor journalists and should not be used by consumers to make financial decisions.Full consumer product information can be found at www.pru.co.uk. Notes to Editors: Prudential is a leading life and pensions provider to approximately 7 millioncustomers in the United Kingdom. As at 31 March 2006, it had approximately 6,880full-time staff (5,765 in the UK and 1,115 in Mumbai), offices located in London, Reading, Belfast, Dublin, Bristol and Stirling, and a customer service centre in Mumbai. Products: Bulk and Individual Annuities, Corporate Pensions, With-Profits andUnit-Linked Bonds, Savings and Investments, Lifetime Mortgages, Healthcare andProtection. Distribution Channels: Direct to customers (telephone, internet and mail),Financial Advisers, Business-to-Business (consulting actuaries and benefitadvisers), and Partnerships (affinities and banks). Belfast Prudential's operation employs around 500 staff working in Customer Services,Direct-to-Consumers and Support Services. The Belfast office will close by theend of 2007. Bristol The Human Resources office employs 40 staff. The Bristol office will close byApril 2007. Holborn Bars, London The head office of Egg employs 120 working in treasury and support and sharedservices. These roles will be relocated in other London offices. All headcount figures relate to full-time employees. Media Enquiries: Prudential UK James Murray Tel: 0207 150 2203 Mob: 07810 181 757 Steve Colton Tel: 0207 150 3136 Mob: 07771 531 525 Anthony Frost Tel: 0207 150 3001 Mob: 07786 967 649 *Prudential plc, a company incorporated and with its principal place of businessin the United Kingdom, and its affiliated companies constitute one of theworld's leading financial services groups. It provides insurance and financialservices directly and through its subsidiaries and affiliates throughout theworld. It has been in existence for over 150 years and has £234 billion inassets under management, (as at 31 December 2005). Prudential plc is notaffiliated in any manner with Prudential Financial, Inc, a company whoseprincipal place of business is in the United States of America. Forward-Looking Statements This statement may contain certain "forward-looking statements" with respect tocertain of Prudential's plans and its current goals and expectations relating toits future financial condition, performance, results, strategy and objectives.Statements containing the words "believes", "intends", "expects", "plans","seeks" and "anticipates", and words of similar meaning, are forward-looking. Bytheir nature, all forward-looking statements involve risk and uncertaintybecause they relate to future events and circumstances which are beyondPrudential's control including among other things, UK domestic and globaleconomic and business conditions, market related risks such as fluctuations ininterest rates and exchange rates, and the performance of financial marketsgenerally; the policies and actions of regulatory authorities, the impact ofcompetition, inflation, and deflation; experience in particular with regard tomortality and morbidity trends, lapse rates and policy renewal rates; thetiming, impact and other uncertainties of future acquisitions or combinationswithin relevant industries; and the impact of changes in capital, solvency oraccounting standards, and tax and other legislation and regulations in thejurisdictions in which Prudential and its affiliates operate. This may forexample result in changes to assumptions used for determining results ofoperations or re-estimations of reserves for future policy benefits. As aresult, Prudential's actual future financial condition, performance and resultsmay differ materially from the plans, goals, and expectations set forth inPrudential's forward-looking statements. Prudential undertakes no obligation toupdate the forward-looking statements contained in this statement or any otherforward-looking statements it may make. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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