Principality Building Society
| 200px | |
| Building Society (Mutual) | |
| Industry | Banking and Financial Services |
| Founded | 1860 |
| Headquarters | Cardiff, Wales |
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Key people
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Graeme Yorston (Chief Executive) David Williams (Chairperson) |
| Products | Retail banking, Savings Mortgages, Investments |
£18.6 million GBP (December 2012),  6.9% on 2011 |
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| Total assets | £7.0 billion GBP (June 2013), 4.48% in December 2012 |
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Number of employees
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1,242 (in 2012) |
| Slogan | Closer to You |
| 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.
Contents
History
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. In 2013 the company acquired Mead Property Services (covering Buckinghamshire, Berkshire and Oxfordshire) and Thomas George (covering Cardiff and south Wales) and in 2014 it sold off Peter Alan Ltd to Connells Group.[4]
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.[5]
Connections with the Royal family
Graeme Yorston, Principality's Group Chief Executive is also HRH Prince of Wales's Ambassador for Business [6]
Mergers and acquisitions
The following building societies merged into the Principality Building Society:
- Bridgend Building Society in 1959
- Urban Building Society in 1962
- Maesteg Permanent Benefit Society in 1968
- Aberavon Mutual Permanent Building Society in 1974
- Swansea & Carmarthen Building Society in 1974
- Llanelli Permanent Building Society in 1977
- District Building Society in 1978
- Gorseinon Building Society in 1979
- Chatham Building Society in 1985
Operations
It has 51 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.
Subsidiaries
- Nemo Personal Finance
- Mead Property Management
- Thomas George Lettings Agent
References
- ↑ http://www.principality.co.uk/en/About-Us/Media-Centre/20130731-Principality-grows-to-sixth-largest-building-society-in-the-UK.aspx
- ↑ http://www.angelfire.com/ga/BobSanders/CDFF3.html
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External links
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Wikimedia Commons has media related to Principality Building Society. |
- Principality Building Society
- Building Societies Association
- KPMG Building Societies Database 2008
- Nemo Personal Finance Ltd
- Thomas George Letting Agents
- Mead Property Management
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