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Yorkshire Building Society to shut 48 branches, phase out Norwich & Peterborough

Yorkshire Building Society will close 48 branches in 2017 and phase out the Norwich & Peterborough building society brand as it shifts its focus to its core mortgage and savings businesses.

Twenty Yorkshire branches will close in May, with 28 Norwich & Peterborough offices to follow from September. The society will close Norwich & Peterborough current accounts to existing customers and withdraw the society's brand over the next year.

Yorkshire acquired Norwich & Peterborough in 2011. CEO Mike Regnier attributed the changes to "shifts in market conditions and an increasing desire among customers to transact digitally rather than on the high street."

He added: "The changing landscape of the current account market means continuing to provide this service and extend it to new customers would require a significant increase in our investment in this part of the business."