I usually listen to Radio Wales' Sunday Supplement on Sunday mornings, for news and current affairs from a Welsh point of view. This Sunday, there was a piece about all the bank closures that have happened across Wales, and a possible solution.
According to BBC News, 200 bank branches have closed across Wales. The Welsh Assembly are looking into the creation of a new bank, Banc Cambria, which would have local branches and provide current accounts for customers, business accounts, and mortgages, with an online presence in Welsh and English. The bank would be owned by its members.
Credit unions across Wales are cautious about this new idea, which could compete with them. There is a Credit Union in Hay, but I think it only opens one day a week - I remember looking into the possibility of banking with them and finding that I couldn't get to them when the branch was open, anyway.
Banc Cambria will need to obtain a banking license from the UK financial regulators, which may take two years.
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