Newcastle Building Society bucks closure pattern with plan to open greatest department

A constructing society is to open its greatest department but regardless of a pattern for its rivals and banks to announce mass closures on excessive streets.

Newcastle Building Society has unveiled a multi-million-pound transformation of town’s former French Connection retail unit at Monument.

Bosses are to re-site the society’s metropolis centre department there as a part of their pledge to spice up the group’s excessive avenue presence and enhance entry to monetary companies within the North East of England.

The Monument Community Branch would be the society’s largest and it rubber stamps a dedication to staying seen as others transfer on-line.

Some 5,162 financial institution and constructing society branches have been closed since January 2015 whereas one other 206 are resulting from be shuttered by the tip of this yr. Closures significantly hit older clients who largely nonetheless use money and are reluctant to run their funds on-line.

The Daily Express is crusading to Save Our High Street Banks with a marketing campaign shining a light-weight on the exodus of branches from metropolis and city centres amid warnings that conventional banking will vanish by 2027.

Andrew Haigh, chief govt on the Newcastle Building Society, mentioned: “The move to our new city centre community branch is a monumental step. As banks continue to close branches across the region, we’re proud to be able to call such an iconic location our new city centre home.

“This new branch is part of a region-wide, multi-million-pound investment that demonstrates our intent to provide our communities with welcoming and inclusive branches.”

The deliberate opening date is early summer season subsequent yr.