Distribution network

Our integrated and diversified distribution network allows our customers to choose how and when to undertake their transactions with us and has enabled us to expand our business while controlling costs. Developments in the network have focused on cost efficiency and meeting the needs of customers who are increasingly prepared to transact business by the Internet, telephone and mail.

Following the merger with Portman Building Society the combined society has a network of around 900 branches and agencies in the United Kingdom and the Isle of Man. We believe that our branch network is an integral part of our distribution network.

To allow customers to execute automated transactions, we have installed personal computers in some branches and ATMs in most of our branches.

We offer mail-based savings accounts, which provide members with higher interest rates on their deposits in return for limiting them to transactions by mail, online banking and ATMs.

We continue to develop our e-commerce capabilities as an integral part of our overall strategy. We do not, however, intend to develop a stand-alone Internet bank.

We launched an Internet banking service in 1997 and are one of the market leaders in the United Kingdom with over 3 million registered customers as of 30 September 2007. Our website allows customers to transact on their accounts and apply for a broad range of our products online.