The Cumberland Joins Bank of England Unit to Explore Future Growth
The Cumberland Building Society has joined a Bank of England initiative designed to help financial organisations explore opportunities for sustainable growth.
The customer-owned society has been accepted into the central bank’s Scale-up Unit, which provides participating banks and building societies with closer engagement with regulators as they develop their plans.
Founded 176 years ago, The Cumberland serves communities across Cumbria, South West Scotland, Northumberland and Lancashire. Its services extend beyond mortgages and savings to include personal and business current accounts, commercial lending and vehicle finance.
The society said its immediate priority remains completing a major transformation of its core banking systems. The programme is intended to modernise the technology underpinning its services before it moves forward with wider expansion plans.
Chief executive Stuart Miller said joining the Scale-up Unit represented an important opportunity as the organisation considered the next stage of its development.
He said the society was looking at how it could build on its investment in technology to support sustainable growth, while making sure its current transformation programme was delivered safely.
Participation will allow The Cumberland to discuss potential opportunities and regulatory requirements with the relevant teams at an early stage. The engagement is also intended to contribute to wider discussions about the future of building societies and their role in the UK financial services sector.
The Bank of England says its Scale-up Unit supports firms already pursuing growth by providing more tailored regulatory engagement. It does not lower regulatory standards or guarantee approval for new products, services or expansion plans.
The Cumberland’s inclusion reflects its ambition to build on its long-standing regional presence while completing the significant technology investment needed to support its future development.
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