DUDLEY South MP Chris Kelly has welcomed the news that West Bromwich Building Society is to move its head office and 500 staff to The Waterfront at Brierley Hill.
The society has agreed with Richardsons Capital to lease 70,000 sq ft of space in the canalside Point North development - which was previously occupied by banking company egg.
Initially around 500 staff will be accommodated in the landmark six-storey building, which boasts room for future expansion.
The new HQ will provide support services for the West Brom’s 38-branch network; and will include an administration centre providing a direct service for savings accounts, mortgages and investments.
Dudley South MP Chris Kelly said he was “delighted” a deal had been agreed to bring the building society to Brierley Hill.
He added: "This is fantastic news for the local economy here in the Dudley borough.
"I would like to thank the local authority for playing their part, Richardsons for bringing a major new employer into Dudley South and, finally, the board and chief executive of the West Bromwich Building Society for giving the green light to moving the short distance to Brierley Hill.
"This recovery, both locally and nationally, can only be private sector led and WBBS's decision is therefore especially welcome.”
Jonathan Westhoff, chief executive of the West Brom, said: “Moving to Point North marks a new era in the society’s heritage, sending out a clear message that the West Brom is a modern, growing and successful organisation which is totally committed to the Black Country and the wider region.
“This is an essential move for the society. We have carefully considered all the options available to us and the impact they would have on members and our staff.
“We have every confidence in Point North as a prime business location offering value, flexibility, highly desirable facilities and first class amenities.”
Leader of Dudley Council, councillor David Sparks (Lab), said the planned relocation was "good news for The Waterfront, Dudley and the Black Country".
The move, from the town which gave the building society its name, is expected to be complete by autumn 2013.
Tory MP Mr Kelly said he hopes the relocation of the West Brom to The Waterfront is the first of many such boosts to the borough’s economy.
He said he remains “committed” to helping other employers keen to move to or expand their businesses in Dudley and he is urging interested companies to contact him by emailing email@example.com or calling 01384 211 041.