Principality responds to access to cash debate in Wales

Principality Building Society says it will maintain its presence on the high streets of Wales as major banks continue to withdraw.

Principality has 500,000 members in Wales and currently invests £10m to maintain their 53 branches and 17 agencies across Wales and the Borders. It is complementing this by revamping its technology in the next few years to provide Members with a more flexible service.

Steve Hughes, CEO of Principality Building Society, said:

“Our commitment to the high street remains strong and while our Members continue to value and recommend our branches, it will form the bedrock of our service offering. We have seen footfall and demand rise in many areas, as other financial institutions have withdrawn their presence. This goes against the trend we are seeing across the rest of the UK. As other people exit the high street we are taking advantage of that with more people coming to our branches for great personal service.

“As a major business in Wales, we want our towns to be thriving and I think financial services organisations have a role to play in ensuring we help towns and communities prosper. As banks close down on the high street some of that prosperity disappears.

“Banks have shareholders to satisfy and it is easier to direct customers to a low cost digital model, whereas we are maintaining a presence in our local communities and helping them prosper, it is what we do as a member-owned building society. It’s important to us to make sure communities don’t feel isolated by a lack of financial services. We will be offering choice, so people could use digital but also have the option of face to face, human interaction.”