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The Welsh Government is working with a building society to accelerate the establishment and roll-out of a community bank which could see 30 banks branches set up across the nation.

Which? estimates that by the end of 2022, only 277 Bank and Building Society branches will remain in Wales as branch after branch closes - with some communities losing all their banking services.

To address this Economy Minister Vaughan Gething has today announced the formation of Banc Cambria with Monmouthshire Building Society and Cambria Cydfuddiannol Ltd to address the market failure in relation to the gap in provision in Wales.

It aims to provide everyday full retail banking services in communities across Wales by 2023. They said Banc Cambria cannot replace the increasing number of branches closed by the High Street Banks.

However it aims to establish around 30 new outlets over the next decade – with a focus on communities that have lost provision.

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.”