| The UK’s seventh largest building society, which committed to investment in the former Mercantile branch network and head office on the Silverlink Business Park, has delivered on its promises and seen business levels improve significantly. Also, Leeds Building Society has relocated a number of key operations to the Wallsend site. Leeds Building Society Chief Executive, Ian Ward said, “The merger with Mercantile has been a great success. The operations of both societies were geographically complementary and we have carried out a programme of further investment in premises, new technology and local advertising. “Business levels in all areas have improved and there has been a rise of over £110m in retail balances through branches, to £340m, since the merger. This growth in investment balances enables us to continue to fund our new mortgages from customer savings, which is key to the Society’s successful, sustainable business model. “Leeds Building Society has also transferred a number of key operations to the site at Silverlink Business Park, including our Direct Mortgage and Remortgage units, Banking Services function and Mercantile Asset Management, as well as a number of other satellite support roles. “Mortgage balances have increased massively through the development of Mercantile Asset Management, which now has around £185m of mortgage balances. This growth has contributed significantly to the uplift of 325% of mortgages held in the north east.” A local board was created, chaired by John Anderson, the former Chairman of Mercantile and a member of the main Leeds Building Society Board, to provide continuity and stability for Mercantile’s members and staff. The local board also includes Gordon Robinson, former Chief Executive of Mercantile. The north east member forum also engages with local people to understand their requirements and deliver the right products and services for their needs. Against the background of the significant number of financial services redundancies announced in the north east, the merger of Leeds Building Society with Mercantile is a positive success story for the area. Ian added “We are absolutely committed to growing the business and the ongoing success of our north east based branches. Our success is based on providing flexible, good value for money products combined with excellent service, which is possible due to our keen cost control and means that our members are enjoying superior products as a result of our overall efficiency.” |
