Banc Cambria
 | |
| Industry | Financial services |
|---|---|
| Products | Retail banking Business banking |
| Owner | Monmouthshire Building Society |
| Parent | Cambria Cydfuddiannol Ltd |
Banc Cambria is a proposed Welsh community bank currently under development and aimed to be operating in Wales.[1] It was originally proposed for 2023, but later delayed.
Formation and structure
[edit]The Monmouthshire Building Society is working with the Welsh Government and Cambria Cydfuddiannol Ltd (CCL) to form Banc Cambria by 2023.
The aim will be to develop a community bank across all of Wales, with the provision of retail banking services by 2023.[2]
The Welsh Government has disclosed that 30 branches could be opened across Wales in the next decade.[3] Social Minister for Wales, Jane Hutt stated to Senedd members, "It's going to be a mutual owned by and run for the benefit of its members".[3] Banc Cambria will aim to provide a full banking service across all of Wales and differently to other typical banks, it will be owned and ran by its own members rather than shareholders.[4]
In February 2023, Minister for the Economy, Vaughan Gething stated the bank would not be set up in 2023 as originally proposed, and was delayed due to the economic climate.[5]
In July 2023, Monmouthshire Building Society announced that it will no longer be working to deliver the community bank due to "the current unpredictability and ongoing challenges facing the UK economy".[6] Vaughan Gething said the Welsh Government remains committed to delivering a community bank and will be seeking a new partner in the finance sector to take the plans forward.[7]
Naming
[edit]"Banc" in Welsh for bank, whereas "Cambria" is the Latin name for Wales, being the Latinised form of the Welsh name for the country, Cymru.[8]
References
[edit]- ^ "Banc Cambria | Monmouthshire Building Society". www.monbs.com. Retrieved 26 June 2022.
- ^ "Economy Minister sets out plans for Banc Cambria, Wales' new Community Bank". GOV.WALES. Retrieved 26 June 2022.
- ^ a b "Community bank for Wales aims to open 30 branches, says minister". BBC News. 30 June 2021. Retrieved 26 June 2022.
- ^ "Banc Cambria | cooperatives-wales.coop". Retrieved 26 June 2022.
- ^ Barry, Sion (7 February 2023). "Plans to launch a new community bank in Wales delayed". Business Live. Retrieved 20 March 2023.
- ^ "Community Bank/Banc Cymunedol | Monmouthshire Building Society". www.monbs.com. Retrieved 19 March 2024.
- ^ "Plenary 12/07/2023". Welsh Parliament. Retrieved 19 March 2024.
- ^ Chisholm, Hugh, ed. (1911). . Encyclopædia Britannica (11th ed.). Cambridge University Press.
External links
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