Newcastle Building Society has announced it is investing millions of pounds into the Manchester Building Society brand, starting with a new flagship branch location in King Street, in the city centre.
Manchester Building Society merged with Newcastle Building Society in 2023, becoming part of Newcastle Building Society Group.
Promising ‘better for Manchester’ the multi-million-pound, long term investment is backed by the experience and strength of the UK’s seventh largest and fastest growing building society.
Newcastle has made commitments to:
- support the region’s high streets and communities by opening branches
- provide accessible, regulated financial advice locally in branch
- recruit locally and provide apprenticeship opportunities
- make community space in branches available free for use by local groups
- build deep community relationships to provide life changing opportunities
Andrew Haigh, chief executive of Newcastle Building Society Group, said: “Big banks are placing profit above customers, withdrawing from the high street, and pushing people online as the only way to manage their finances. A better alternative exists and we’re delighted to be bringing it to life in Manchester.”
The North West is in the UK’s top four worst hit regions for bank and building society branch closures. More than 702 branches have closed since 2015, leaving many with few or no options to bank locally, and struggling to access cash.
By contrast, Manchester Building Society will open branches, starting in the heart of Manchester city centre, and ultimately building out across Greater Manchester’s towns and the wider North West, as part of an ongoing consultation with civic leaders and communities.
Alongside a commitment to continuing to build a Manchester team with local roots, its branches will provide access to a range of competitive savings and mortgage products, with market leading customer service and face-to-face financial guidance and advice open to all, not just the wealthy.
The Building Society’s investment in Manchester is based on belonging, pride of place, and unlocking the financial potential of individuals, families, neighbourhoods and communities. It has proven the success of this approach in its North East heartland where branch savings have been growing at more than double the UK market average (across branch, online and telephone channels combined).
It has opened conversations both online and in person for local people to share their views, which will help shape future investment.
Andrew added: “Manchester has mutuality and the co-operative movement in its DNA. It’s a city where change happens. But the people of Manchester and the wider region have been underserved by the financial services sector. They deserve better.
“We want our Manchester Building Society branches to be seen as places people can comfortably walk into and receive expert guidance, advice, support and assistance – even if they are not yet customers. Through our growing customer base, we see how a branch experience is relevant across the generations.”
Having recently received planning permission to renovate a three-storey flagship location at 74 King Street, a grade 2 listed building, the Society’s inaugural branch is expected to open later this year. Alongside an extensive, modern ground floor customer service area and private meeting rooms, the building’s office space will accommodate hybrid working for the current Manchester Building Society colleague team of 40. The branch will also welcome local community groups who can use the spacious meeting space for free.
Manchester Building Society will soon announce significant charity partnerships with Forever Manchester and Salford Youth Zone. These follow the model established by Newcastle Building Society with its decades-long track record of community investment and support in the North East.
Andrew said: “We are determined to play our part in increasing financial inclusion in Greater Manchester, building a brand with a visible presence on the high street. Working with local government, community groups and leaders, we will develop an offer based on the principles of face-to-face advice and trustworthy financial products from an organisation that has a long-term stake in the future of the area.
“Across the North East, we have demonstrated the success of a purpose-led mutual – answerable to our members, not shareholders – and we remain committed to a branch-led model.”
Bev Craig, leader of Manchester City Council, said: “We are delighted to see the Manchester Building Society brand brought back to life, just over a century since it was first founded.
“Key to any prosperous and inclusive city is access to financial services. With the total number of bank branches nationwide effectively halving in the past decade, new facilities such as this will provide vital in-person services to residents of Manchester and the wider city-region.
“Commitments to providing community space and forging strong charity partnerships are further examples of how the brand’s reintroduction will bring social value to our residents, getting behind our city-wide ambition to Make Manchester Fairer.”
Joe Manning, managing director at MIDAS, Manchester’s Inward Investment Agency said: “Manchester Building Society’s decision to open a flagship branch in King Street demonstrates strong confidence in our city centre as a place to invest.
“The investment in a physical presence is greatly welcomed, creating new community hubs that bring vital financial services back to our local communities while creating new jobs and economic opportunities across Greater Manchester.”
The mutual is starting by listening and encourages the people of Manchester to participate in the conversation by joining its Manchester Building Society online community forum at: https://connectedcommunitiesmanchester.explainonline.co.uk/.
Image: Bev Craig, leader of Manchester City Council, and Andrew Haigh, chief executive, Newcastle Building Society Group
