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Building society bucks trend and opens seven branches

Nottingham Building Society is opening new branches Photo: PA

Nottingham Building Society has secured the future of 50 jobs by bucking the industry trend and opening seven branches.

The firm is launching branches in market towns across the Midlands, Norfolk and Cambridgeshire, which are being run by the Norwich & Peterborough Building Society (N&P).

It comes after Yorkshire Building Society announced in January that it would shut 48 sites and call time on the N&P brand after 157 years.

Banks and building societies have made cost savings by rolling back their branch network as some customers prefer to use online banking services.

David Marlow, chief executive of Nottingham Building Society, said he hopes to set up even more branches in market towns.

Around 26% of the country's bank branches have closed over the past five years, and as this trend continues our proposition becomes even more appealing and our business gets stronger.

– Nottingham Building Society, David Marlow

The new branches will be based in:

  • Spalding
  • Stamford
  • Huntingdon
  • Bourne
  • Thetford
  • Dereham
  • Fakenham

It will bring Nottingham Building Society's total branch network to 67.

The firm said its efforts to increase its bricks and mortar footprint have led to "strong growth", with total assets up 8.2% year-on-year in 2016 and gross mortgage lending climbing 24% over the period.