Principality continues expansion plan

Wales' largest building society, Principality has announced plans to open its 52nd Principality branch at 1 Monnow Street in Monmouth, creating six new jobs in the area.

Graeme Yorston, Chief Operating Officer at Principality Building Society commented: "Continuing with our strategy to offer our members a first class, face to face service, we have recently agreed plans to open a branch in Monmouth during the first quarter of 2011.

"Throughout our 150 year history, we have not had a branch in this area and we feel that this is a huge opportunity for a strong, welsh brand such as Principality."

"We strongly believe that the people of Wales deserve choice, diversity and excellent customer service in the financial marketplace and our new branch will increase the competition on the high street of Monmouth and bolster the financial expertise available to people living in the area."

The new Principality branch will house a team of six highly experienced staff with the expert knowledge to help the people of Monmouth to plan their financial future with ease.

Huw Thomas of Cooke & Arkwright, who acted on behalf of Principality, confirmed that the Society would be well-placed "As Principality's first presence in Monmouth, this is an excellent location in the heart of the town just off Agincourt Square, making it very convenient for customers.  Monnow Street is the main shopping area in Monmouth and as well as the many retailers, nearby occupiers include banks, building societies, cafes and restaurants."

The news follows the Society's recent announcement that it will be expanding its agency network, from five to fourteen. The addition of a branch now takes the total number of Principality outlets across Wales to sixty-six.

In addition, the Society unveiled plans to redevelop the first floor to create three flats, which will be sub-let to tenants in the area, helping to provide homes for local people.

Principality is committed to maintaining a presence on high streets up and down Wales and this move illustrates its future confidence in Wales.

Graeme added: "We will continue to identify the opportunities and bridge the gaps in our branch portfolio, investing in communities where there is a need, and a sustainable opportunity for our business."