Yorkshire Building Society (YBS) is the UK’s second largest building society, with 3.5 million members and assets of approximately £33 billion. They were the first building society to commit themselves to remaining a mutual at a time when their rivals decided to become banks.
In July 2011, YBS announced plans to purchase the accounts of the Internet bank Egg, which was part of Citigroup. This would add a £2.1bn savings book and a mortgage book worth £430m, as well as a total of 500,000 customers.
The integration of the acquired business was on a tight timescale, with financial penalties for late delivery.
YBS needed delivery certainty and the ability to manage a 3rd party organisation with commercial experience in divestitures. We were appointed to mobilise and deliver the end-to-end programme.
We quickly prepared a small team to lead the integration and work with the relevant groups at YBS in Bradford and Egg in Derby.
The programme was then defined, structured and mobilised, all with the clear goal of delivering a smooth integration within the tight timescale and with minimal disruption to the end-customers.
It was crucial to maintain the pace of delivery throughout, something which we did whilst developing a clear, jointly-agreed transfer plan and maintaining the commercial relationships between the organisations.
“All the Project One team have been superb”
Jayne Cockill, Integration Programme Director
The integration was completed six weeks ahead of the commercial deadline and under budget, and the migration was acknowledged by the executive team as their smoothest integration to date.
Importantly, the financial benefits to YBS were delivered through the improved lending position following timely integration of accounts, whilst the benefits of an improved service to existing customers was delivered through the introduction of enhanced customer-facing functionality. The legacy of this transformation for YBS was a confidence in its capability to take on similar integration and change programmes.
“It was a big task, but everyone involved has shown just what you can achieve with good planning and great teamwork”
David Henderson, CIO