Banking Hub in Welshpool will be the first in Wales

Craig Williams MP and Russell George, Member of the Senedd last week met with LINK representatives who confirmed a new banking hub will open in Welshpool within the coming months, following the recent announcements by Barclays and Lloyds that they will be closing their branches within the town. The hub will offer shared banking facilities to customers of all banks in providing over the counter banking services, as well as dedicated rooms where customers can meet with community bankers from their own bank.

Work to build the facility will be carried out by The Banking Hub Company on behalf of LINK, who are responsible for the UK’s ATM network and access to cash services.

The Queen’s Speech in May introduced UK Government legislation to protect communities’ access to cash, in assessing the impact of branch closures and identifying where new shared facilities are needed. With the pending closures of Barclays and Lloyds branches, Welshpool now fits the criteria for LINK to recommend new shared banking facilities, following the opening of two similar sites in South Lanarkshire and Essex this year.

Craig Williams MP said: “Following the extremely disappointing announcements recently by both Barclays and Lloyds, this commitment to create a new shared banking facility for customers of all banks is fantastic news for Welshpool and Montgomeryshire - especially as this will be the first banking hub of its kind within Wales.

“I have always been of the firm belief that maintaining over-the-counter personal banking services remains of vital importance to so many customers, particularly within rural constituencies. I am therefore delighted that customers of all banks will now have access to such facilities within Welshpool, and also that LINK have assured us of their long-term commitment to the area.

“Russell and I will now be engaging in further talks with LINK and local stakeholders over the coming weeks in ensuring that the hub meets residents and local businesses’ needs.”

Russell George MS said: “I am very pleased that LINK have recommended that a new permanent banking hub be opened in Welshpool, offering shared baking access and services. Our meeting with LINK last week was very productive in discussing how the hub will be implemented, and in ensuring that full banking services will be accessible to customers of all banks within this hub."