Building Society bucks high-street closure trend
IN AN era when high streets are seeing banks and building societies shutting up shop, one local financial instituition is bucking the trend.
Swansea Building Society has revealed its plan to launch a new branch on Portland Street in Swansea city centre later this year, having secured planning permission from Swansea Council.
Its existing Swansea branch on Cradock Street will remain the company’s headquarters and expand further as it takes on more back office staff to support its growing network of branches.
The new Portland Street retail branch will provide a more central location for its customers.
The announcement was made by Alun Williams, chief executive officer of Swansea Building Society, at the Society’s AGM at Swansea’s Liberty Stadium last week.
The new Swansea branch will complement the Society’s other branches in Mumbles and Carmarthen. Williams said that he feels opening a branch in the heart of the city centre will provide a more accessible location for customers and help generate further growth for the society.
The new branch office will be located at 3-4 Portland Street in a space previously occupied by a jewellery store. It is also in the vicinity of several other national banking brands, all adding to the visibility of Swansea Building Society and its viability as an alternative option for financial services.
The society’s balance sheet is 100% funded by retail and business savings and retained profits, meaning it has no reliance on the wholesale