17 March 2023

Principality praised for commitment to local high street

Principality Building Society’s Newport branch welcome Jayne Bryant MS to discuss concerns about access to cash on the high street in the city after more bank closure announcements. 

Principality has made a commitment to keep all of its 53 branches open until at least the end of 2025. It now has the largest high street brand presence of any bank or building society in Wales with 53 branches and 14 agencies across Welsh high streets and the border. 

Shaun Middleton, Head of Distribution at Principality, said: “Healthy high streets are more than just a place where people do their banking and shopping. People use branch visits as an opportunity to enjoy some social interaction and our colleagues see members as individuals, not just customers. 

“It has been a very difficult period for the high street but as competitors continue to close their branches, I am proud that we have the largest physical branch presence of any financial brand in Wales.  As a major business in Wales, we want our towns to thrive. Financial service organisations have a role to play in ensuring towns and communities prosper. We will continue to keep our branches open so long as members continue to value and use them so we can be there for our future generations.

“Feedback from our members continues to reinforce that having access to cash and services is vitally important to them, and we see our presence on high streets as a key part of what we offer as a member-owned building society.  We plan to continue our investment in branches with further refurbishments planned to meet the needs of our members. We have planned as far ahead as we possibly can with our commitment as we know consumer behaviour is changing but we need to continue to offer a balance between online banking and face to face service.”

Jayne Bryant MS for Newport West said: “I applaud the Principality Building Society’s commitment to Wales and the local high street. At a time when we are seeing shops left empty for months and town centres struggling, it is so pleasing to see that they will continue to be a presence. Banking is certainly changing, but I know how many people still rely on branches for their services and to access their money.

 “As the Member for Newport West, it was fantastic to visit their branch in Newport and hear their plans to continue to invest in our city. We are all working towards the same goal and want to see our high street thrive.”

Published: 17/03/2023