Under his new role Colin will continue to oversee the IT operation and the provision of services to third parties, and will in addition take on responsibility for key operational service areas across the Society, including processing.
Colin will also build on his existing role as Managing Director of the Society’s outsourcing operation, Newcastle Strategic Solutions Limited (NSSL).Through NSSL, the Newcastle has recently signed partnerships to develop and manage a range of online and telephone-based savings accounts for high profile companies including Bradford & Bingley and BMW Financial Services. Agreements have also been signed to supply mortgage processing services to some of the UK’s leading lending networks.
Colin Greaves, 50, said: “My appointment to the Board reflects the importance placed by the Society on IT, our processing capability and the way in which we intend to continue expanding our third party business. Our reputation for innovation is one I feel proud to have been associated with over the years and look to continue.
“This is an exciting period of expansion for our strategic solutions business and the Society as a whole. NSSL was launched less than 3 years ago but we already manage in excess of £3.5 billion worth of assets for our business partners, and there is every indication this figure will double over the next few years. At the same time we are fast approaching the point where we process more mortgages for other people than for ourselves.”
Colin Seccombe, the Chief Executive Designate, for Newcastle Building Society, added: “Colin is one of our longest-serving executives and I am delighted to welcome him to the Board. The key driver behind our Solutions business is IT, and Colin’s expertise in this field of technology will prove invaluable. Strategic Solutions also compliments our traditional mortgage and savings business perfectly; indeed its success means greater scope to enhance the products and services for our members.
“Another significant area of growth for us is the burgeoning pre-paid card market. With their pre-loaded funds these cards can offer a convenient debit facility and a secure alternative to cash or vouchers. Operating as a principal member of Mastercard we are already providing the banking and deposit-taking facilities on a number of pre-paid card schemes – and under Colin’s direction I am confident this will develop rapidly.”
Colin joined Newcastle Building Society in 1984 before moving to a commodity trading company in London in 1986 where he became head of IT.
He re-joined the Society in 1990 and was promoted to the Executive team in 1992. In 1997 he became Managing Director of Newton Facilities Management Limited (NFML), which offers core computer systems to other financial service providers and was the first joint venture company of its type in the building society sector. NFML has a growing client base and last month signed an agreement to provide and manage the core computer systems for Shepshed Building Society.
In 1998 Colin became the Society’s General Manager. At the beginning of 2003 he created and became Managing Director of NSSL.
