The longest-serving chief executive of any building society in the UK has raised concerns over plans for a community bank for Wales. Alun Williams, chief executive of Swansea Building Society, warned that a community bank could have a detrimental impact on the trading of the existing three Welsh building societies, credit unions, and the only registered headquartered bank in Wales, Hodge.
The concept of a new community bank (Banc Cambria), which featured in Welsh Labour’s manifesto for the 2021 Senedd election, was formed to address the decline in full retail banking services in communities across Wales with a goal to open up to 30 branches across the nation.
“I’m worried that it will impact Swansea Building Society, Principality Building Society and, more likely, the credit union sector in Wales. I think they will take the biggest hit if a community bank is formed,” said Mr Williams who, although not against the concept of a community bank, also questioned whether taxpayers money should be used to fund it.
