Economy Minister sets out plans for Banc Cambria— Cymru's new Community Bank


(Image: Gwalia)

The Welsh Government is working with Monmouthshire Building Society to accelerate the establishment and roll-out of a community bank— Banc Cambria— across Cymru, Economy Minister, Vaughan Gething, has announced today.


The Welsh Government’s Programme for Government includes a commitment to support the creation of a Community Bank for Cymru, in order to seek to address the market failure in relation to the gap in provision, the effectiveness and the quality of banking services in Cymru.

The Economy Minister has today confirmed that Monmouthshire Building Society, working with the Welsh Government and Cambria Cydfuddiannol Ltd (CCL), has announced its intent to develop its approach of delivering a community bank in Cymru— Banc Cambria—which will aim to provide everyday full retail banking services in communities across Cymru by 2023.

The UK has one of the least diverse Retail Banking systems in Europe, dominated by a small number of very large banks, which operate according to a shareholder-value business model, seeking to maximise profits for their owners.

Since Welsh Ministers initially set out plans to explore the creation of a Community Bank for Cymru, traditional High Street Banks have further accelerated their retreat from Cymru’s High Streets.

An increasing number of communities across Cymru are now left without access to accessible banking services, which Ministers believe is an essential public service - with rural communities and those individuals and businesses across Cymru, who are more reliant upon cash, and face-to-face relationship banking, being hit the hardest.

Retail High Street Banks are retreating from our High Streets at an ever increasing and alarming pace:

  • According to ONS data, the number of bank branches in the UK has fallen by 4,390, or by 39% between, 2012 and 2021.

  • Which? estimates that by the end of 2022, only 277 Bank and Building Society branches will remain in Cymru.

Economy Minister, Vaughan Gething said: “Our vision for the Community Bank for Wales is one that is based on the mutual model, owned by, and run for, the benefit of its members, rather than the maximisation of profit for shareholders. It will be a modern, full service community bank, headquartered in Wales, providing access to bilingual products and services, through a range of channels including digital, online and in-branch.

The Bank will facilitate local investment and enhance community wealth-building, recirculating savings into loans and preventing capital drain. We very much hope it will provide a positive impact on communities and high streets across Wales, improving access to everyday banking services for all citizens regardless of income or wealth, as well as for small businesses across the whole of Wales.”


Monmouthshire Building SocietY has today announced its intent to develop its approach of delivering a community bank in Cymru— Banc Cambria.


Banc Cambria aims to provide everyday full retail banking services, offering multichannel, bilingual banking services for individuals and small businesses; accessible through telephone, digital, online and face-to-face.


Banc Cambria cannot replace the increasing number of branches closed by the High Street Banks. However, Banc Cambria aims to establish around 30 new outlets over the next decade— with a focus on communities that have lost provision.


Banc Cambria estimates that the Community Bank for Cymru could have a customer launch during 2023.


The Minister added: “Delivery of a community bank is a good fit for Monmouthshire Building Society - a Welsh Mutual headquartered in Newport. They have been serving and supporting members and communities across South and West Wales to save and flourish for over 150 years. As a Mutual, they are already a purpose-led organisation, providing communities with access to financial help and support in locations that are convenient for them.

“Whilst there is still much work to be done, with key milestones and further decision points ahead for both the Welsh Government, the Society and Cambria Cydfuddiannol Ltd, we remain committed to providing all appropriate and necessary support in order to help accelerate the establishment and roll out of Banc Cambria across Wales.”