Plans to establish a new community bank for Wales, a manifesto pledge of the Welsh Government, have been delayed. The project is being taken forward by Monmouthshire Building Society using its existing regulatory approvals, but operating the bank separately from its building society activities.
However, it would require a fundraise potentially up to £20m just to get the necessary reserves to launch, before the associated start-up costs including IT and branches. This could potentially be financed by the Welsh Government through the use of Treasury supported financial transactions capital. The establishment of a community bank featured in Labour’s manifesto for the 2021 Senedd election. The goal is to have up to 30 branches across Wales - aimed at addressing the issue of high street banks reducing their high street presence.
The original concept of a community bank (Banc Cambria) was taken forward by Cambria Cydfuddiannol Ltd which received grant funding of more than £160,000 Welsh Government, and whose directors include Mark Hooper and Tegid Roberts.
