Background
Where it all began…
The Norwich Building Society was founded on 6th April 1852 under the imposing title of 'Norwich and District Provident Permanent Benefit Building and Freehold Land Society'. The Peterborough Provincial Benefit Society was founded in 1860. Norwich and Peterborough Building Society was formed on 31st October 1986 when the Peterborough and the Norwich Building Societies merged. At that time the Peterborough's assets were £280 million and the Norwich's were £176 million.
Our operating area runs from Scunthorpe to Chelmsford and west to Bedford. We operate through 55 branches spread throughout this area, plus a branch in Gibraltar, via a Contact Centre in Peterborough and through a fully transactional web site. For a building society, we offer a wide range of financial services: mortgages, savings, bank accounts, personal loans, credit cards, general insurance broking and independent financial advice. We also have a strong commercial lending operation and a property valuation subsidiary. We employ around 1,000 staff, of whom 400 are based at our principal office in Peterborough. All our staff are trained to offer very high levels of personal service and advice. We have 470,000 customers, the majority of whom are members and based within our operating area.
In the fiercely competitive savings and mortgage market, the Society has successfully pursued a policy of income diversification. Profits in 2005 grew by 24% to £16m, mortgage assets by 7.2% and non-interest income now comprises 37% of total income. At the same time customer satisfaction levels are unusually high by industry standards.
The Society conducts regular dialogues with its members through members’ meetings and other events. It is clear from these that our members have a high level of trust in the Society and wish us to continue as a mutual. This stance has been confirmed by the Board.
Where we are today
The Society now has over 55 branches. Whilst these are mainly located in East Anglia and Lincolnshire, but there is also a branch in Gibraltar (opened in 1990). Her Majesty Queen Elizabeth II opened the principal office, on a "green field" business park, just outside Peterborough in 1988. The Norwich and Peterborough Group includes the following trading companies:
- Norwich and Peterborough Insurance Brokers Ltd which is located in Cambridge, Cromer, Dereham, Downham Market, Felixstowe, Norwich, Outwell and Woodbridge.