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Gloucestershire Business News

Cheltenham firm to move 200 jobs

Lloyds Banking Group (LBG) has acquired Cheltenham-based Zurich's UK workplace pensions and savings business.

Zurich's business has assets under administration of more than £15 billion and around.500,000 customers.

As part of the transaction about 200 Zurich employees - including key management, relationship managers, technical experts and operations staff, located primarily in Cheltenham - are expected to transfer to LBG under a TUPE arrangement.

The transaction enhances LBG subsidiary Scottish Widows which already manages more than £124 billion of funds of which £35 billion is workplace pensions business.

Zurich said the transaction was in line with its strategy and will see it receive exclusive distribution rights for group life protection to certain corporate clients of LBG's Commercial Banking services.

The overall deal underlines Zurich's ambition to grow in markets where it is performing strongly and further cements its number one position for new sales in corporate protection.

Antonio Lorenzo, LBG director, Insurance & Wealth and chief executive, Scottish Widows, said: "The announcement is a clear signal of Lloyds Banking Group's commitment to the financial planning and retirement segment.

"The acquisition of Zurich Corporate Savings complements Scottish Widows' growth to date and provides us with an ideal opportunity to accelerate our goal to become a market leader in this important sector for advisers and customers."

Tulsi Naidu, CEO of Zurich UK, said: "We see the announcement as a very positive step forward for our business. We are simplifying our organisation and focusing on markets where we have strong assets and can best serve our customers and distributors."

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