Principality Building Society

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Principality Building Society
Type Building Society (Mutual)
Industry Banking and Financial Services
Founded 1860
Headquarters Cardiff, Wales
Key people Graeme Yorston (Chief Executive)
David Williams (Chairperson)
Products Retail banking, Savings
Mortgages, Investments
Net income £18.6 million GBP (December 2012), Green Arrow Up.svg6.9% on 2011
Total assets £7.0 billion GBP (June 2013), Green Arrow Up.svg4.48% on December 2012
Employees 1,242 (in 2012)
Website www.principality.co.uk

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[edit]

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 and remain the headquarters of the society. In January 1974 the society acquired the Aberavon Mutual Permanent Building Society. Principality acquired Peter Alan and Parkhurst estate agents in 1986 and Principality House was built to accommodate the expanding business.[3]

The company acquired Loan Link Limited in 2004. This gave Nemo Personal Finance Ltd, a subsidiary, the opportunity to launch in 2005.

Operations[edit]

It has 51 branches across Wales and some over the English border, and employs around 1250 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.

Subsidiaries[edit]

Principality has a secured loans subsidiary, Nemo loans, employing over 120 people. Principality announced the sale of its Peter Alan subsidiary to the Connells Group in July 2014.[4]

References[edit]

  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. ^ "Mergers and Name Changes". Extract from BSA Yearbook 2013/14. Building Societies Association. 4 October 2013. Retrieved 2 December 2013. 
  4. ^ "Connells Group Acquires Peter Alan". 31 July 2014. 

External links[edit]