Brexit boost as building society opens seven new branches in Midlands


Nottingham Building Society jobs branches MidlandsGETTY — Corny

Nottingham Building Society is opening seven new branches

The firm is initiation branches in market towns across Norfolk, Cambridgeshire and the Midlands, which are being run by the Norwich & Peterborough Erection Society (N&P). 

It comes after Yorkshire Building Society announced in January that it force shut 48 sites and call time on the N&P brand after 157 years. 

Banks and edifice societies have made cost savings by rolling back their subsidiary network as some customers prefer to use online banking services. 

David Marlow, chief head honcho of Nottingham Building Society, said he hopes to set up even more spin-offs in market towns. 

He said: “Around 26 per cent of the country’s bank branches sire closed over the past five years, and as this trend keep ons our proposition becomes even more appealing and our business gets stronger. 

online bankingGETTY — Trade in

Banks and building societies have closed branches as customers proffer online banking

Sadly there are now as many as 1,500 towns in the UK that acclimated to to have branches but no longer do

David Marlow

“Branch closures are unrivalled to more people finding it difficult to access face-to-face advice and serve when it comes to dealing with key financial issues in their rooms. 

“This is particularly true in market towns, where much of our fuzzy is placed. 

“Sadly there are now as many as 1,500 towns in the UK that habituated to to have branches but no longer do.” 

face to face meetingGETTY — STOCK

CEO David Marlow asserted he hopes to set up even more branches in market towns

The new branches longing be based in Spalding, Stamford, Huntingdon, Bourne, Thetford, Dereham and Fakenham. 

It wish bring Nottingham Building Society’s total branch network to 67. 

The proprietorship has taken on 19 branches from rival banks and building fellowships. 

The firm said its efforts to increase its bricks and mortar footprint comprise led to “strong growth”, with total assets up 8.2 per cent year-on-year in 2016 and earn mortgage lending climbing 24 per cent over the period. 

business meetingGETTY — Assortment

The new branches will bring Nottingham Building Society’s total subdivide network to 67

Mr Marlow added: “We are very grateful for the opportunity to work with Yorkshire Structure Society to maintain continuity of financial services to members of these communities, as far as providing redeployment and employment opportunities in the local economies.” 

Around 80 per cent of mace at branches taken over by Nottingham Building Society have birched allegiances and started working at the firm, the organisation said. 

The building association has seen its workforce nearly double to 717 over the past four years. 

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