Building society branches to shut as Norwich and Peterborough name disappears from high street
Branches in Downham, Fakenham and March are set to close as part of plans that will see the Norwich and Peterborough (N&P) brand disappear from the high street.
The company’s owners, the Yorkshire Building Society Group, has announced its intention to shut nearly 50 premises across the country later this year.
The list includes the N&P branches in Wales Court, Downham, Bridge Street, Fakenham and Broad Street, March. A total of 440 jobs are at risk across the group.
Although the Lynn branch will stay open, bosses say it and the other remaining premises will all be rebranded as Yorkshire Building Society sites over the next year.
Group chief executive Mike Reigier said: “We believe these proposals give us greater focus on providing existing and future members with the things they want from us most: a safe place for their savings and funding to buy their own home, and providing these in an easy and simple way.
“The driving forces behind the proposed branch closures are shifts in market conditions and an increasing desire among customers to transact digitally rather than on the high street.
“We therefore no longer believe it is the right commercial position for us to continue to maintain these branches.”
“The values of the N&P and Yorkshire brands are synonymous.
“We believe operating with Yorkshire Building Society as our sole high street brand would allow us to run the business more effectively and efficiently, enabling us to deliver better products and services for our members. These proposals would help us achieve that aim.”
A total of 20 Yorkshire branches are expected to close in May, while the N&P closure programme is due to begin in the autumn.
The group has also announced it intends to close all N&P current accounts, as it says the investment required to provide them is not viable.
Existing customers will be contacted by the group to discuss their options.