Local deposits fund local growth

17/5/09

When it comes to the crunch – Yorkshire Bank is thinking local

IN the current economic climate, when global forces are evident on every local high street, Yorkshire Bank is re-confirming its commitment to North East business communities.

The bank says its long-standing pledge to invest deposits made locally back into local communities as loans to North East businesses remains as strong as ever.     

Yorkshire Bank is committed to helping North East businesses succeed by investing locally ‘pound-for-pound’ what it receives in deposits to improve the opportunities for local companies to secure finance and create jobs.

Managing partner of Yorkshire Bank’s Newcastle Financial Solutions Centre (FSC), Quayside, Martin Pallett, says: “Through our pound-for-pound local commitment we will continue to play a key role in helping North East businesses navigate today’s economic climate.

“Ensuring locally-deposited money stays within the local economy means we can reinvest these funds to help the growth plans of other North East businesses.”

After six years’ strong growth Yorkshire Bank’s Newcastle FSC is continuing  to support local businesses and earlier this year supported the supported the multi-million pound buy out of bespoke drugs manufacturer, Quantum Specials, Burnopfield, Co. Durham, and has funded millions of pounds worth of asset purchases for businesses across Tyne & Wear, Northumberland and Durham.

Martin Pallett adds: “We remain fully committed to working in partnership with the businesses and communities we serve. This means local knowledge comes into play in our decision making and, despite our global reach; we have never lost the mindset of being a local bank.    

"Having dedicated North East specialists within our FSC is helping us support our members through the current market conditions.   We have spent time, using our treasury banking partner, to implement interest rate, and foreign exchange, hedging strategies to help our members protect their businesses and enable others to expand into new markets and create new jobs.”