Yorkshire Building Society (YBS) has welcomed a delegation of visitors from one of Australia’s largest mutual financial institutions.
The group from Teachers Mutual Bank, based in Homebush, near Sydney, talked with senior figures from the Bradford-based building society.
They listened in on calls made to the Yorkshire Drive contact centre to hear how the Society responds to mortgage enquiries before discussing the meaning of mutuality in both institutions, including delivering real value to their respective members.
Yorkshire Building Society Chairman John Heaps, Chief Executive Chris Pilling and Executive Director Andy Caton and were joined by Steve Round, the chairman of Ecology Building Society based in Silsden, to welcome the six-strong group.
Andy Caton, Yorkshire Building Society Executive Director, said: “It was fascinating to share views on developing member-owned organisations and the distinctive qualities and challenges we face.
“We are very proud to have been able to share our insight and experience and we hope to keep the conversation going. As organisations we are separated by 10,500 miles but our joint values make us feel much closer than that.
“The commitment to being a responsible business which makes a positive difference to its community is something that is proving as popular with savers and borrowers in Australia as it is here in the UK.”
Craig McMahon, Teachers Mutual Bank Chief Operations Officer, said the day was an invaluable opportunity for sharing knowledge between the organisations.
He said: “Teachers Mutual Banks’ success over 50 years has been built on a strong service culture and putting our members first. It was pleasing to know the success of Yorkshire Building Society has been based on similar values.”
Steve Round, Chairman of Ecology Building Society, added: “"It was great to hear about the development of a leading mutual finance institution in Australia.
"I was proud to show the diversity of UK building societies by sharing how Ecology is working to build a greener society by supporting properties and projects that respect the environment.
"It’s clear that, as member-owned businesses, we share many of the same values."