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Community Bank for Wales One Step Closer to Reality

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A new bilingual community bank that aims to create online and in person banking services for customers across Wales is one step nearer to reality, as the first phase of recruitment gets underway.

Led by Monmouthshire Building Society — the longstanding Newport-headquartered building society — the community bank will follow the Society’s mutual model, meaning it’ll be owned by and run for the benefit its members.

Believed to be the first-of-its-kind community bank in the UK, the Community Bank for Wales will provide bilingual, full retail banking services for individuals and businesses — accessible through telephone, digital and a network of physical outlets to be located across Wales.

Under the leadership of newly appointed Community Bank Programme Director, Steve Phillips, the Society is recruiting for new roles to support and shape the development of the community bank, its brand, services, and products over the coming months.

The roles call for expertise in areas including operations, project management, product ownership, regulations, and business analysis — and can be applied for through Monmouthshire Building Society’s website.

Steve Phillips, who joined the Society’s Executive team in April this year after four years as Head of Operations at MBS, is responsible for driving the Community Bank for Wales forward. The team of new recruits will play a vital role in helping him lead the Society through the next stages of development.

Steve Phillips said:

“With many retail banks leaving high streets across Wales, many people and communities have lost access to much valued banking services.

“We don’t think this is right, so we’re addressing this by developing and delivering a Community Bank for Wales.

“We’ve certainly got our work cut out bringing our Community Bank to market — but it’s also one of the most exciting developments in Monmouthshire Building Society’s 150-year history. It presents a real opportunity for a team of ambitious, talented people to be part of establishing a sustainable, ethical Welsh brand that will change the financial landscape in Wales for the better.”

For more information about the Community Bank for Wales, visit the MBS website.