The Cumberland joins the Bank of England’s Scale-up Unit
The Cumberland, a customer-owned building society with a 176-year history of serving communities across Cumbria, South-West Scotland, Northumberland and Lancashire, has been successful in its application to join the Bank of England’s Scale Up Unit. This provides The Cumberland with an opportunity to engage with regulators and explore strategic opportunities to support its future growth.
With a proposition that extends beyond traditional mortgages and savings, The Cumberland offers personal and business current accounts, commercial lending and vehicle finance. This breadth of services gives the Society a unique position within the building society sector and provides a platform from which to explore new ways of supporting its customers, businesses and the wider regional economy.
The Cumberland is currently prioritising the delivery of its core banking transformation programme and is taking a measured approach to growth while this important programme is underway. Once the transformation has been safely delivered, the Society intends to explore a range of strategic opportunities to build on its existing strengths and expand its contribution to the communities it serves.
Membership of the Scale Up Unit will provide the chance to discuss these plans with regulators at an early stage as they develop, supporting constructive dialogue around potential opportunities, regulatory considerations and the future development of the mutual sector.
Stuart Miller, chief executive officer of The Cumberland, said: “Joining the Bank of England’s Scale Up Unit is an important opportunity for The Cumberland as we look ahead to the next chapter in our development.
“Our immediate priority remains the safe delivery of our core banking transformation programme. However, we are also looking carefully at how we can build on that investment to support sustainable growth in the future.
“Engaging with the Scale Up Unit and the regulatory teams at an early stage will help us explore these opportunities constructively, understand the regulatory considerations involved and contribute to wider conversations about how building societies can evolve, innovate and continue to play a vital role in the UK’s financial services landscape.
The Cumberland’s participation in the Scale Up Unit reflects its ambition to build on its long-standing regional heritage while preparing for the next phase of its development. By combining a focus on delivering its transformation safely with early engagement on future opportunities, the Society aims to identify sustainable ways to grow, strengthen its proposition and continue delivering value for its members.