Newcastle Building Society

Newcastle Building Society
Company typeBuilding Society (mutual)
IndustryBanking and Financial services
FoundedNewcastle Permanent Building Society (1863)
Newcastle Building Society (1980)
HeadquartersNewcastle upon Tyne, England, UK
Number of locations
31
Key people
  • James Ramsbotham CBE DL (chair)
  • Andrew Haigh (chief executive)
ProductsSavings, Mortgages, Investments, Insurance
RevenueIncrease £119.7 million (2022)
Increase £31.7 million (2022)
Increase £26.0 million (2022)
Total assetsIncrease £5,312.5 million (2022)
Total equityIncrease £245.9 million (2022)
Number of employees
  • Neutral increase 1,393 (2022)
  • 1,284 (2021)
WebsiteOfficial website Edit this at Wikidata

Newcastle Building Society is the eighth largest building society in the UK, with its headquarters in Newcastle upon Tyne, England. It is a member of the Building Societies Association. At December 2022, the Society had total assets of more than £5 billion.[1]

The Society in its current form was formed in 1980 as a result of a merger between the Grainger (founded 1861) and Newcastle Permanent Building Societies (founded 1863).

History

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After 16 years at Grainger serving as Chief Executive and Managing Director, Phillip Langley-Essen was appointed the first Executive Head of the Newcastle Building Society (NBS) in 1980. Even designing its logo, Essen was influential in the formation of the NBS in the six years he was working at the society.[2]

In 2006 it merged with another Newcastle-based society, the Universal Building Society.[3] Two years later it opened a new office at Cobalt Business Park in North Tyneside.[4] In May 2010, NBS announced a repositioning program in which it announced that it would make 126 jobs redundant and create 80 jobs in its Solutions division.

In February 2011, it announced that it plans to lend more to the North East's housing market.[5] Ten months later, Wirecard AG of Germany acquired Newcastle Building Society's prepaid card issuing activities in six European countries.[6]

In February 2023 it was confirmed that the society had agreed to merge with the Manchester Building Society.[7] The merger was completed on 1 July 2023.[8]

References

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  1. ^ "Newcastle Building Society Annual Report & Accounts 2022" (PDF). 18 February 2024. Archived (PDF) from the original on 18 February 2024. Retrieved 18 February 2024.
  2. ^ A full agenda for our mutual friend North East Business, 10 September 2007, Retrieved 11 April 2009
  3. ^ Building Society Mergers and Conversions since 1980 Archived 2011-07-24 at the Wayback Machine Building Societies Association website (Retrieved 5 April 2007)
  4. ^ Evening Chronicle, Feb 26, 2008 Newcastle Building Society grows despite crisis, Gareth Deighan. Via Chronicle Live, retrieved on 24 March 2008.
  5. ^ McCusker, Peter (25 February 2011). "Newcastle Building Society plan to lend more". NEBusiness.co.uk. The Journal / Evening Gazette. Retrieved 25 March 2013.
  6. ^ Wirecard acquires prepaid cards division of Newcastle Building Society, 16 December 2011
  7. ^ Fowler, Ryan (21 February 2023). "Newcastle Building Society and Manchester Building Society agree to merge by way of transfer of engagements". The Intermediary - Latest UK mortgage news. Retrieved 4 March 2023.
  8. ^ "About Us". themanchester.co.uk. Retrieved 5 July 2023.
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