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Bank eyes Montgomeryshire presence

Created on 05/11/2020 @ 10:40

A new co-operative bank is eyeing up towns in Montgomeryshire to potentially open branches, bucking the trend of the big names reducing their presence in the area over recent years. 

Banc Cambria and the Community Savings Bank Association (CSBA) have been working on the development of establishing a community bank for Wales, and aim to have a banking licence from the Prudential Regulatory Authority (PRA) by autumn 2021 - Covid and Brexit permitting!

It would work like a normal bank, with branches across the country, but would be owned by its members.

The Bank are now consulting on the demand for branches in our local towns and are asking residents for opinions through a new survey.

It has been described as “welcome news” by Powys county councillor, Elwyn Vaughan, the Plaid Cymru candidate for Montgomeryshire at next May’s Welsh Government elections.

“Traditional banks are retreating from communities across Wales at an increasing rate, which is leaving a serious gap in services for localities, especially for small business needing short-term loans or overdrafts to help them survive and thrive, and citizens looking to access cash and banking services,” said Cllr Vaughan.

“The negative impact of the high street banks deserting our communities is being felt across the board but particularly in Rural Wales and by the most vulnerable groups in today’s society.”

Cllr Vaughan claimed that Wales has lost more than 40% of its bank branches in five years, and a report by the assembly economy committee said 239 branches closed between January 2015 and August 2019.

Banc Cambria are asking us all for our opinions, and the survey can be taken in English: here or in Welsh here 

If you are in business, share your further thoughts here.

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