Gabbertas: It is time for building societies to shine
FINANCE: Building societies are entering a renewed period of potential growth that could lead to them fulfilling a new regional banking role by the end of the decade, according to a new report.
Despite difficult market conditions, KPMG's 22nd annual Building Societies Database found the sector has remained resilient with 23 societies increasing profit for the year.
This year's report also shows that the total group assets of the societies have grown to £315.4 bill-ion, compared with £306.2 billion last year.
Richard Gabbertas, KPMG's Yorkshire head of financial services, said he expects building societies "to play a big role in the future of banking in Britain".
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He said: "In many respects, it is their time to shine. By 2020, they could be fulfilling a new role as regional banks, capitalising on their attractiveness to smaller businesses and to customers who value their service."