SLB says demutualisation will not affect strategy

Standard Life Bank says plans for its parent, Standard Life, to demutualise in 2006 will have no effect on its current strategy.

A strategic review published last week reveals that in order to raise further capital the board was aiming to demutualise and that a proposal would be put to members at the 2006 annual general meeting.

The review also announced 1,000 job cuts in Standard Life&#39s pensions and life division.

Alan Dring, head of sales at SLB, says demutualisation will mean the bank can become more integrated within the group but that there will be no change to its operating stance.

He says the main effect of the review was the emotional impact of the loss of jobs in other divisions.

He adds: “It&#39s like Robbie Williams – at the moment he&#39s fat but he has got fat because of his success. In order to continue that success he&#39ll have to slim down again. It&#39s the same with Standard Life – it is in the process of slimming down.”