Principality Building Society
|Type||Building Society (Mutual)|
|Industry||Banking and Financial Services|
|Key people||Graeme Yorston (Chief Executive)
David Williams (Chairperson)
|Products||Retail banking, Savings
|Net income||£18.6 million GBP (December 2012), 6.9% on 2011|
|Total assets||£7.0 billion GBP (June 2013), 4.48% on December 2012|
|Employees||1,242 (in 2012)|
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 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.
It was founded in 1860 in Cardiff by William Sanders as a mutual building society. 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.
The company acquired Loan Link Limited in 2004. This gave Nemo Personal Finance Ltd, a subsidiary, the opportunity to launch in 2005.
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.
Principality has two wholly owned subsidiaries, its estate agency subsidiary, Peter Alan, has 25 branches across Wales. It has a lettings division and helps those who are buying or selling property. Also based in Wales, Principality has a secured loans subsidiary, Nemo loans, employing over 120 people.
- "Mergers and Name Changes". Extract from BSA Yearbook 2013/14. Building Societies Association. 4 October 2013. Retrieved 2 December 2013.
- Principality Building Society
- Building Societies Association
- KPMG Building Societies Database 2008
- Nemo Personal Finance Ltd
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