Their focused approach, simple product range and the commitment to their staff have made them the most cost efficient of the major mortgage lenders. C&G's remarkable growth over the past two decades has been built on a philosophy of passing the benefits of this cost efficiency on to their customers.

In 1995, following a decision by its members, Cheltenham & Gloucester Building Society converted from a mutual society to a plc and became part of the Lloyds Bank Group.

The demutualisation was groundbreaking. Although Abbey National had converted and floated on the Stock Exchange six years earlier, it was C&G's conversion and acquisition that provided the catalyst for a series of demutualisations and acquisitions that took place over the next two years - with Halifax, Woolwich, Northern Rock and Bristol & West all converting from building society status.

As well as delivering cash windfalls to members, C&G's conversion opened up a whole new realm of retail sales to the lender. Within a few months, C&G was selling its mortgages through every Lloyds branch in the UK, giving it the biggest distribution network of any lender. When Lloyds merged with TSB a few months later, C&G began selling its products through their branches, too.

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