Principality Building Society has committed to maintaining a high street presence until at least the end of 2030. The Ƶ’s sixth biggest mutual, which is headquartered in Cardiff and employs 1,150, currently has 53 branches and 14 agencies across South Wales and the borders.
Principality said its own research reveals more than 70% of people agree that branch presence is a key factor in deciding which financial provider to choose.
Julie-Ann Haines, chief executive of the Principality Building Society, which made its latest commitment to its high street network at its annual general meeting, said: “As we celebrate 165 years of putting members first, I’m pleased to announce our commitment to maintaining a branch presence in the high streets and communities we currently operate in, across Wales and England until at least 2030, giving our members, colleagues and communities confidence.
“We are proud to have more branches than any other financial services provider in Wales. With news of recent closures from other financial providers, we maintain our local branches and evolve our access to cash services, recognising they are more important than ever.
Our presence on high streets is unrivalled and brings benefits to communities across the country, today’s announcement means Members can be assured that we’ll retain our presence for years to come.”
Principality’ recent partnership with shared banking innovator OneBanx to bring cash services to rural areas affected by bank closures. Buckley will be the first area in North Wales to receive access to the OneBanx technology, enabling customers of most major Ƶ banks and building societies to deposit and withdraw cash without the use of a card. The Buckley Library branch presence follows two successful deployments in both Cowbridge and Caerphilly.
Robin Fieth, chief executive of the Building Societies Association, said: “At a time when many banks are scaling back their high street locations, Principality and the wider building society sector stand out by continuing to invest in their branch networks. As we celebrate 250 years of building societies in 2025, Principality’s approach serves as a reminder of the vital role they play in local communities.”
The mutual recently reported a significant rise in its lending activities and saving deposits with total assets now exceeding £14bn. In its 2024 financial year the Cardiff headquartered mutual, which is the sixth biggest building society in the Ƶ, increased its retail lending on the previous by £1.2bn to £10.5bn.
Its saving deposits also grew £1.7bn to £10.8bn. Total assets rose from £12.5bn to £14.1bn.
