Welshpool Banking Hub will be a first for Wales

Welshpool will be a pilot project for a new initiative after MyWelshpool revealed last month that one ‘banking hub’ will replace all of the big banks which have called time on the town.

Barclays closes next month and Lloyds will follow, joining Natwest and HSBC who have already turned their backs on the town, citing lack of footfall as more customers move online.

But last month we revealed that LINK, who are responsible for the UK’s ATM network and access to cash services, had identified Welshpool as the first town in Wales to open a Banking Hub, which has already been trialled in a handful of places across the border.

We have been told that an agent is currently looking for an appropriate building to take on to open the hub.

And this week, local politicians met with the representatives of LINK who confirmed plans are coming together to open at an, as yet, unconfirmed location.

The hub will offer shared banking facilities to customers of all banks in providing over the counter banking services, as well as dedicated rooms where customers can meet with community bankers from their own bank.

Craig Williams. Montgomeryshire MP, said: “Following the extremely disappointing announcements recently by both Barclays and Lloyds, this commitment to create a new shared banking facility for customers of all banks is fantastic news for Welshpool and Montgomeryshire - especially as this will be the first banking hub of its kind within Wales. 

“I have always been of the firm belief that maintaining over-the-counter personal banking services remains of vital importance to so many customers, particularly within rural constituencies.

“I am therefore delighted that customers of all banks will now have access to such facilities within Welshpool, and also that LINK have assured us of their long-term commitment to the area.

“Russell (George, MS) and I will now be engaging in further talks with LINK and local stakeholders over the coming weeks in ensuring that the hub meets residents and local businesses’ needs.”

Mr George added: “I am very pleased that LINK have recommended that a new permanent banking hub be opened in Welshpool, offering shared baking access and services. Our meeting with LINK last week was very productive in discussing how the hub will be implemented, and in ensuring that full banking services will be accessible to customers of all banks within this hub.”