Plans announced for a community bank in Wales
Cambria Cydfuddiannol Limited (CCL), a co-operative society,has assiduously worked on the campaign for a community bank in Wales – Banc Cambria. Monmouthshire Building Society is a Welsh based building society that has now committed to develop the Banc Cambria community-banking model across Wales.
As a purpose-led organisation the Building Society’s priority has always been to provide convenient and relevant financial services in support of our members in Welsh communities. The Banc Cambria community bank model will ensure that members and their communities will remain at the heart of the Society’s purpose, both now and in the future.
With the support of Cambria Cydfuddiannol Limited (CCL), both parties are eager to identify how a bilingual community bank for Wales can work, ensuring the population of Wales has easy access to financial services. Mark Hooper from CCL said: ‘Monmouthshire Building Society are a perfect fit for Banc Cambria. As a modern mutual, their focus is on supporting communities and delivering value to members. Working with the team at the Society, it is clear they are a brand to trust in the marketplace and we are confident the values we have developed will be in safe hands with them.”
In a statement by the Welsh Governement, Vaughan Gething MS, Minister for Economy for Wales said, “Our Programme for Government commitment to support the creation of a Community Bank for Wales, seeks to address this market failure in relation to the gap in provision, effectiveness and access to quality banking services in Wales.” The Minister welcomed this collaboration and also added “The Bank will facilitate local investment and enhance community wealth building, recirculating savings into loans and preventing capital drain. It will provide a positive impact on communities and high streets, improving access to everyday banking services for all citizens regardless of income or wealth, as well as, small businesses across the whole of Wales.”