The Welsh Government is working with Monmouthshire Building Society to accelerate the establishment and roll-out of a community bank, Banc Cambria, across Wales, Economy Minister, Vaughan Gething.
The Welsh Government’s Programme for Government includes a commitment to support the creation of a Community Bank for Wales, 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 Wales.
An increasing number of communities across Wales 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 Wales, who are more reliant upon cash, and face-to-face relationship banking, being hit the hardest.
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.
For further information visit Gov.Wales