Banking and Borrowing
26 January 2017
Yorkshire Building Society (YBS) is set to scrap the Norwich & Peterborough (N&P) brand and close 28 of its branches in 2017.
Customers with N&P accounts are being advised to find a different bank or building society.
They'll be contacted and told what their options are before their accounts close on August 31, 2017.
20 YBS branches are also set to close. A whopping 440 jobs are at risk as a result of the restructure.
Mike Regnier, chief executive of YBS, said:
"We continually review all areas of the business to ensure we remain focused on what our members require while utilising their money as effectively as possible."
"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.”
Here's a quick rundown of the affected branches:
YBS merged with Norwich & Peterborough in 2011 after the latter accumulated a £51 million compensation bill.
The building society was found to have mis-sold 3,300 high-risk investment policies to its customers on behalf of now defunct investment firm Keydata.
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