Business

Progressive confirms Belfast branch closure following review of operations

Progressive's Arthur Square branch in Belfast, which will close on May 29. Photo: Hugh Russell
Gary McDonald Business Editor

PROGRESSIVE Building Society is shutting its Arthur Square branch in Belfast at the end of May, with all five current staff members being made redundant.

The Irish News revealed earlier this month that the society was conducting a thorough review of its branch network in line with it strategic objectives.

And it has confirmed is has now taken the "difficult decision" to close the branch, one of the smallest in its portfolio.

"This has been a difficult decision and one we have not taken lightly, because our branch network is very important to our members," Progressive said in a statement.

"As a mutual we consistently review our business to ensure we operate in a sustainable and cost-effective way.

"Unfortunately, as a result of the branch closure, all five employees will be made redundant.

"We understand how difficult this will be for those affected and their families and we are working closely with them throughout the process."

Progressive, founded in 1914 and which is the north's largest locally owned financial institution, said it will be investing significantly in both its IT infrastructure and other branches to deliver on the needs and expectations of members "and to reflect the more open conversations they want to have with our qualified mortgage and savings advisers".

The Arthur Square branch will continue to be fully operational until May 29, and all members with accounts there will be notified directly regarding their options on how to access the Society's services.

Progressive employs 180 people across its 12 branches and at its Belfast headquarters at Wellington Place.

Enjoy reading the Irish News?

Subscribe from just £1 to get full access

Business