This is an exciting new project that is being developed with the support of the Welsh Government. It aims to provide a full banking service across Wales, but unlike other banks, it will be owned and controlled by its membership, not outside shareholders.
It is aiming to have a banking licence from the Prudential Regulatory Authority (PRA) by autumn 2021, but the large number of new applications from European banks seeking a UK licence to avoid Brexit problems is causing delays to the application process, so we cannot be sure of the timetable at this point in time (July 2020).
We have the full support of the Welsh Government, including some financial assistance, and we’re working with the Royal Society for Arts & Science (RSA) and the Community Savings Bank Association (CSBA).
Follow our progress on twitter @banccambria
The idea for this bank, came from the Peoples Bank for Wales Action Group, and has been developed over the last three and a half years.
The Case for Banc Cambria is a summation of this learning, and is the basis from which we have started to build our co-operative bank.
We will bring you more news here, as the project develops