Newcastle Building Society
Financial institution in the United Kingdom
From Wikipedia, the free encyclopedia
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]
Newcastle Building Society (1980)
| |
Company type | Building Society (mutual) |
|---|---|
| Industry | Banking and Financial services |
| Founded | Newcastle Permanent Building Society (1863) Newcastle Building Society (1980) |
| Headquarters | Newcastle upon Tyne, England, UK |
Number of locations | 31 |
Key people |
|
| Products | Savings, Mortgages, Investments, Insurance |
| Revenue |  £119.7 million (2022) |
| £31.7 million (2022) | |
| £26.0 million (2022) | |
| Total assets | £5,312.5 million (2022) |
| Total equity | £245.9 million (2022) |
Number of employees |
|
| Website | Official website  |
History
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).[2][3]
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.[4]
In 2006 it merged with another Newcastle-based society, the Universal Building Society.[5] Two years later it opened a new office at Cobalt Business Park in North Tyneside.[6]
In February 2011, it announced that it plans to lend more to the North East's housing market.[7] Ten months later, Wirecard AG of Germany acquired Newcastle Building Society's prepaid card issuing activities in six European countries.[8]
In February 2023 it was confirmed that the society had agreed to merge with the Manchester Building Society.[9] The merger was completed on 1 July 2023.[10]