Edinburgh-headquartered Scottish Building Society celebrates 'landmark' anniversary

The Scottish organisation laying claim to the title of oldest remaining building society in the world is celebrating its “landmark” 175th anniversary.

The Scottish Building Society (SBS) started out in 1848 as the Edinburgh Property Investment Company, initially operating from 6 York Place in the city and now headquartered on Dalry Road.

It added that it has operated throughout two world wars, economic recessions, and pandemics, under the leadership of 48 prime ministers, and has always been a mutual organisation – owned by and run for the benefit of members – now boasting branches known as “Relationship Centres” across Scotland with a current balance sheet of about £650 million. Last year, its Aberdeen, Troon and Inverness sites underwent refurbishment, while the revamp of the Galashiels branch is set to complete next month, and its Edinburgh hub will be moved to a new city-centre location later this year.

The 175th anniversary will be celebrated by staff and members throughout the year with a range of community initiatives, events at its branches, and tie-ups with Edinburgh Rugby, for which it is lead sponsor.

'I am incredibly proud to lead our team as we celebrate a momentous milestone in Scottish Building Society’s history,' says CEO Paul Denton. Picture: contributed.

Chief executive Paul Denton said: “Although times may have changed since 1848, our mission to help our members save money and buy their home has remained consistent. I am incredibly proud to lead our team as we celebrate a momentous milestone in [our] history, reflecting on our achievements whilst also embracing a new chapter.

“Throughout the years, our products have changed to reflect current economic landscapes and lifestyle habits and that agility has kept us relevant. In a digital era, we pride ourselves on still ensuring that our members can easily speak to a member of our team, either face to face or over the phone, and that will remain a core part of our operations in the decades ahead.

“The trust in our services from our members is what keeps the organisation alive, and we are grateful for their longstanding support. This year, we’re looking forward to welcoming our members, community groups, and local charities as we celebrate 175 years on Scotland’s high streets.”

SBS in April 2022 cheered record full-year results, including a pre-tax annual profit of £2.4m, while it also said it had seen its balance sheet grow by nearly 40 per cent in the previous two years.