Principality Building Society

Principality Building Society
Cymdeithas Adeiladu'r Principality
Building Society (Mutual)
Industry Banking and Financial Services
Founded 1860
Headquarters Cardiff, Wales
Number of locations
 71
Key people
 Graeme Yorston (Chief Executive)
Laurence Adams (Chairperson)
Products Savings, Mortgages, Investments
Revenue
  • Increase GBP 141.8 million (2015)
  • GBP 140.4 million (2014)
  • Decrease GBP 37.7 million (2015)
  • GBP 52.3 million (2014)
Total assets
  • Increase GBP 7584 million (2015)
  • GBP 7265 million (2014)
Number of employees
 1,119
Website www.principality.co.uk

The Principality Building Society, (Welsh: Cymdeithas Adeiladu'r Principality), also known simply as The Principality, is a Welsh building society based in Cardiff, the capital of Wales. With assets of £7bn it is the largest building society in Wales and the sixth largest[1] in the United Kingdom. Principality Building Society is mutual, which means it is owned by its members rather than shareholders. It serves clients through the internet and telephone as well as at high street branches. It is a member of the Building Societies Association.

History

The Principality Buildings in Queen Street, Cardiff, the headquarters of the Principality Building Society

It was founded in 1860 in Cardiff by William Sanders as a mutual building society.[2] In 1914 the Principality Buildings were built to house the society. In January 1974 the society acquired the Aberavon Mutual Permanent Building Society. Principality acquired Parkhurst and Peter Alan estate agents in 1987, and the merged entity was later sold to Connells Group for £16.4m in 2014.[3] A site for a new head office to accommodate the expanding business was acquired in 1989 and Principality House in The Friary was opened in 1992.[4][5]

The company acquired Loan Link Limited in 2004. This gave Nemo Personal Finance Ltd, a subsidiary, the opportunity to launch in 2005. In 2013 the company acquired Mead Property Services (covering Buckinghamshire, Berkshire and Oxfordshire) and Thomas George (covering Cardiff and south Wales).

On the 8th of September 2015, Principality Building Society announced that they had purchased the naming rights to the Millennium Stadium in a 10-year deal. From 1 January 2016 it will be known as the Principality Stadium.[6]

Graeme Yorston, Principality's Group Chief Executive is also HRH Prince of Wales's Ambassador for Business.[7]

Mergers and acquisitions

The following building societies merged into the Principality Building Society:

Operations

The Principality branch network
Shrewsbury branch
Newport branch
Barry branch

It has over 70 branches across Wales and some over the English border, and employs around 1,250 people. In 2005 it expanded into personal loans with the creation of a new company called Nemo Personal Finance Ltd. In the same year as launching Nemo Loans, Principality revamped its image. It won the 2005 'Business of the Year' award for Wales and the West Country. The assets of the group increased to £4.4bn in the same year and to £6.7bn in 2012.

In February 2016, after the Principality failed to find a buyer, Nemo Personal Finance was closed to new lending causing more than 60 redundancies[8]

Subsidiaries

References

  1. ↑ http://www.principality.co.uk/en/About-Us/Media-Centre/20130731-Principality-grows-to-sixth-largest-building-society-in-the-UK.aspx
  2. ↑ http://www.angelfire.com/ga/BobSanders/CDFF3.html
  3. ↑ "Peter Alan Poised for Growth Under new owner". Newsco Insider Limited. 28 August 2014. Retrieved 27 September 2015.
  4. ↑ "Mergers and Name Changes" (PDF). Extract from BSA Yearbook 2013/14. Building Societies Association. 4 October 2013. Retrieved 2 December 2013.
  5. ↑ "Our History". www.principality.co.uk. Retrieved 2016-03-27.
  6. ↑ "Millennium Stadium to be renamed Principality Stadium in historic naming rights deal with WRU". Wales Online. Retrieved 27 September 2015.
  7. ↑ "Principality appoints Graeme Yorston as new Group Chief Executive". Principality Building Society=01 August 2012. 13 October 2015.
  8. ↑ http://www.walesonline.co.uk/business/business-news/principality-building-society-came-close-10869172
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