Independence still key to societies, says Stafford Railway

Despite a recent flurry of building society mergers, independence is key to the future, says Stafford Railway.

Mike Heenan, chief executive at Stafford Railway, says: “We have already seen agreement for three mergers this year, with some deals seeing larger societies swallowing up smaller players.

“With speculation of rising costs and shrinking margins, industry commentators have suggested that mergers are inevitable if the majority of building societies are to survive.”

Heenan disagrees with this point and is adamant that building societies can maintain independence and protect member interests as long as they are well managed.

He adds: “A simple, competitive, member focused approach and prudent
management have been core to our ethos and proved highly successful in our 129 year history.”

“We already have an effective strategy in place and one that works. This will not change on the back of industry speculation or in relation to recent trends. Our members can remain confident. Maintaining independence and their interests feature prominently in our long-term plans.”