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Banc Cambria

Not to be confused with Banc Cymru, the Welsh name for the former Bank of Wales.
Banc Cambria
IndustryFinancial services
ProductsRetail banking
Business banking
OwnerMonmouthshire Building Society
ParentCambria 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

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

"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

  1. ^ "Banc Cambria | Monmouthshire Building Society". www.monbs.com. Retrieved 26 June 2022.
  2. ^ "Economy Minister sets out plans for Banc Cambria, Wales' new Community Bank". GOV.WALES. Retrieved 26 June 2022.
  3. ^ a b "Community bank for Wales aims to open 30 branches, says minister". BBC News. 30 June 2021. Retrieved 26 June 2022.
  4. ^ "Banc Cambria | cooperatives-wales.coop". Retrieved 26 June 2022.
  5. ^ Barry, Sion (7 February 2023). "Plans to launch a new community bank in Wales delayed". Business Live. Retrieved 20 March 2023.
  6. ^ "Community Bank/Banc Cymunedol | Monmouthshire Building Society". www.monbs.com. Retrieved 19 March 2024.
  7. ^ "Plenary 12/07/2023". Welsh Parliament. Retrieved 19 March 2024.
  8. ^ Chisholm, Hugh, ed. (1911). "Cambria" . (11th ed.). Cambridge University Press.
Retrieved from "https://en.Wik.ipedia.Pro.org/w/index.php?title=Banc_Cambria&oldid=1253807056"

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