Principality Building Society

Principality Building Society

Type	Building Society (Mutual)
Founded	1860
Headquarters	Cardiff, Wales
Key people	Peter Griffiths (Chief Executive) David Williams (Chairperson)
Industry	Banking and Financial Services
Products	Retail banking, Savings Mortgages, Investments
Net income	£20.5 million GBP (December 2007), 1.5% on 2006
Total assets	£5.9 billion GBP (December 2007), 21.2% on 2006
Employees	1,000 (in 2006)
Website	www.principality.co.uk

Principality is a Welsh building society based in Cardiff, the capital of Wales. With assets of just under £6bn it is the largest building society in Wales and the 9th 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.

History

It was founded in 1860 in Cardiff by William Sanders as a mutual building society.^[1] In 1914 the Principality Buildings were built to house the society and remain the headquarters of the 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.

Operations

It has 50 branches across Wales and some over the English border, and employs around 1000 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 underwent a transformation: it 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 £5.9bn in 2007.

Subsidiaries

Principality has 2 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.

References

1. ^ http://www.angelfire.com/ga/BobSanders/CDFF3.html

External links

• Principality Building Society
• Building Societies Association
• KPMG Building Societies Database 2008
• Nemo Personal Finance Ltd

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