12 July 2023
In December 2021, we announced our intention to develop a community bank for Wales.
Since then, the UK’s economic situation has changed significantly - interest rates are rising, house prices are falling and the cost-of-living crisis continues.
As a purpose-driven mutual building society, we prioritise our members and the communities they live in.
This means we won’t take any unnecessary risks that could potentially impact on the Society’s performance or the trust our members place in us.
Given the current unpredictability and ongoing challenges facing the UK economy, we’ve decided to stop working on our plans to deliver a community bank. We believe this is the right and responsible thing to do.
We know this is disappointing but we want to be honest with all those who have supported our work so far.
Community banking remains at the heart of everything we do so we’re continuing to work on systems, infrastructure and activities to improve our current member experience and support any future community banking proposition.
We are still committed to the people and communities of Wales and will continue to deliver products and services that are fit for purpose and meet the needs of our current members, future members and the communities we serve.
We’d like to thank everyone that’s helped and supported us on our journey so far.
We’ll keep this page updated as and when things change.