Lloyds TSB Insurance is to move more than 100 jobs to India as part of an offshoring pilot scheme. It will also create 43 new jobs in India as part of the move.
The company's sites in Bournemouth and Newport will be affected by the move, although managing director Phil Loney said the company had no plans to close the sites.
Lloyds TSB Insurance said it expected to manage the move through normal staff turnover, with agreed redeployment of some staff if necessary.
Loney extended a guarantee to staff in the company's insurance department that no-one would be made redundant during 2004 as a result of the transfer of jobs to India.
He added that there would be no further transfer of insurance jobs to India during 2004, on top of the 150 roles just announced.
The move includes both customer facing and back-office roles, revealed the company.
