Norwich and Peterborough name will disappear next year, as two more branches close
PUBLISHED: 14:59 29 November 2017 | UPDATED: 14:59 29 November 2017
The name of Norwich and Peterborough Building Society will finally disappear from East Anglian high streets next May, its owner has revealed.
The remaining branches will be rebranded then by Yorkshire Building Society (YBS) Group, though a further two N&P branches – in Norwich and in Ipswich – will be closed, as the group already has a Yorkshire branch nearby.
Ten jobs have been put at risk by the two closures but the group expects most staff to be redeployed in other branches.
The details are the final steps in the group’s plan, first announced in January, to retire a brand which can trace its origins back to 1852.
Those proposals included the closure of 28 branches across Norfolk, Suffolk and Cambridgeshire and the loss of 136 jobs, though some branches have since been taken on by the Nottingham Building Society.
YBS Group said the changes, which include closing the N&P current account, would mean a better service for customers through a larger national network of branches, and improved online and telephone services, but sparked anger from campaigners fearful that vulnerable customers would be cut off.
The group is now trying to rebalance its branch network to offer a more even spread across the country, and has plans to expand its agency network into 50 locations where there is demand, taking its total network to nearly 300 by 2020.
Mike Regnier, YBS Group chief executive, said: “We are committed to continuing to retain a very strong presence in East Anglia, including an office base in Peterborough, plus a minimum of 14 branches and agencies across the region.
“Face-to-face service plays an important part of our offering to customers but we must continue to evolve if we are to remain relevant and competitive in today’s market.
“The proposed changes to our high street outlets and office sites will enable us to deliver better overall value for members by operating in a more cost-effective way, with the savings we make being reinvested in the business, including an expanded high street network.
“We believe these proposed changes are necessary for us to continue to grow and help more people to become homeowners and have a secure place for their savings.”
A further eight YBS branches outside East Anglia are proposed for closure in March 2018.