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[26 NOV 98] COVENTRY BUILDING SOCIETY PRESS RELEASE
Billionaires At The Coventry

Coventry Building Society has for the first time in its history made gross mortgage advances of more than 1 billion in a single year. This milestone was reached during November 1998 and is substantially more than the 887 million advanced during the whole of 1997.

The Coventry is currently enjoying one of its most successful years ever and this record level of gross mortgage lending is well ahead of the Society’s ‘natural’ market share, whilst net mortgage lending (gross lending less capital repayment) is a remarkable 3 times our ‘natural’ market share.

Martin Ritchley, the Society’s Chief Executive, commented:

"Unlike our banking competitors, building societies do not have to pay dividends to outside shareholders, which gives us an enormous competitive advantage which we are using for the benefit of our customers. I am delighted that our strategy is proving so successful in enabling us to grow our business at the expense of our banking competitors. A significant proportion of our lending has come from those seeing to remortgage using our highly competitive products which provide significant savings for them. It is hardly surprising that more and more people are deserting the banks in favour of the ongoing benefits which we, as a building society, can deliver at the Coventry.

"Not only are we interested in attracting new borrowers but keeping existing customers is just as important to us at the Coventry. I am delighted that our Privilege ate which, since its introduction in March 1996, has provided a 0.75% discount off our Standard Variable Rate for borrowers who have been with us for five years or more, has produced such outstanding results.

"We are determined to go on using the advantage which our building society status brings for the benefit of our members, whether they be savers or borrowers. As our branding says: ’Coventry Building Society – TLC not PLC’."

MORE INFORMATION: Press Office 01203 635653
 

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CWN / Business / Coventry Building Society / Press Releases / 26 Nov 98

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