Building society takes on seven of its rival’s branches

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A national building society is to take over seven branches in market towns which a rival lender is to leave.

The Nottingham Building Society is to open hubs in Bourne, Stamford, Spalding, Huntingdon, Thetford, Dereham and Fakenham.

It is taking over the branches in November and December which are to be vacated by the Norwich & Peterborough Building Society.

The move means the Nottingham lender will have doubled its branch network to 67 over the last five years and will have taken on 19 from other banks and building societies.

Bosses at the Nottingham hope that the move will mean people can continue to access face to face services locally instead of having to travel long distances.

David Marlow, chief executive of The Nottingham said: “Around 26 per cent of the country’s bank branches have closed over the past five years and as this trend continues our proposition becomes even more appealing and our business gets stronger.

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

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

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

Over the four years staffing at the Nottingham Building Society has grown from 422 in 2013 to 717 today.

Customers to the branches will be able to access a range of servies including financial, insurance and mortgage advice and estate planning.

Reseearch by the building society claim that 75 per cent of people still use a branch visit to carry out their business.

It adds that less people say they are likely to visit a town if there is no building society leading to an impact on other businesses.

David Marlow said: “Expanding our branch network and widening our offering beyond that of a traditional building society is key to our success and growth.

We look forward to welcoming new customers in the seven towns where we are opening branches and for them to become members.”