IRISH Life is amalgamating its branch business in Britain and its City of Westminster subsidiary to reduce costs and increase efficiency. The businesses operate from the same building in St Albans, Hertfordshire, employ 85 people and have combined funds of £700 million sterling. Both operations are profitable but are not actively selling insurance products.
The move is part of the group plan to reposition its business units as stand alone operations.
Irish Life yesterday lodged a petition in the High Court to, facilitate the transfer of the business. The life assurance group, bought City of Westminster in 1993.
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