UK insurer Prudential is planning to close its sites in Belfast, Bristol and Holborn Bars in London. The reorganization is part of its cost saving initiative announced last year which aims to save the company around GBP40 million annually.

As a direct result of this proposal, around 700 roles will be transferred to other Prudential sites in the UK and India over a period of two years. The company said that its staff at Belfast and Bristol sites were involved in a 90-day consultation period via unions and staff organizations.

Nick Prettejohn, chief executive of Prudential UK, said: These reorganization proposals are an important step in delivering the cost savings that will enable the UK business to continue to build on the strong positions we have established across the financial services market.

Any change that results in redundancies is regrettable. We are consulting with unions and staff organizations and will make every effort to ensure that our people are kept informed and helped through this difficult transition period.