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NEWCASTLE BUILDING SOCIETY AND CATTLES ANNOUNCE PARTNERSHIP

NORTH EAST BUILDING SOCIETY TO SUPPORT CATTLES ENTRANCE TO SAVINGS MARKET

Cattles plc, the UK listed FTSE 250 financial services group, has awarded Newcastle Building Society a five-year contract to provide an online savings offering for its new retail banking brand, representing a key milestone in Cattles’ drive to diversify its product range by accepting retail deposits.

Subject to regulatory approval of Cattles’ banking licence, the Newcastle Building Society’s savings processing services team, Newcastle Strategic Solutions (NSSL), will provide Cattles with an internet/telephone based white labelled award winning savings platform. Newcastle will be responsible for the management of all aspects of customer interaction, from acquisition through to the ongoing administration of Cattles’ direct savings products.  In addition, the society will provide a range of support services to assist with management of the customer database.

The new service will go live at the end of November this year and the Society will employ up to 40 new staff to work on the Cattles platform. New employees will be employed by Newcastle Strategic Solutions and based in its new offices at Cobalt Business Park, North Tyneside. These jobs will be some of the 500 new job opportunities the building society anticipates creating by the end of 2012.

Ian Kilmartin, Third Party Service Executive at Newcastle Building Society commented:

“We are delighted to have been awarded the opportunity to work alongside Cattles on this new and innovative savings platform. Our ethos is to work in partnership with our customers so to give added value to this key distribution channel through the development and manufacture of new products, identification of ongoing improvement in services and the aggregation of ideas and system enhancements.

“Newcastle has proven that its systems are flexible enough to adapt service provision to meet the particular needs of its existing clients.  Our work with Cattles adds to the number of business models that we have already effectively developed for a number of major clients”

Robert East, Banking Director, Cattles plc commented:

“The launch of a new savings offering is an important step towards Cattles’ goal of offering a broader portfolio of financial products to UK consumers at the same time as diversifying the sources of funding available to the group.

“We were impressed by Newcastle’s expertise and the tailored services and platform they could offer. We look forward to working alongside them until and beyond the launch of our new savings product range later this year.”