Swansea Building Society

The Swansea Building Society, (Welsh: Cymdeithas Adeiladu'r Abertawe), is an independent mutual building society based in Swansea, Wales. It is a member of the Building Societies Association. [1]

Swansea Building Society
Cymdeithas Adeiladu'r Abertawe
Building Society (Mutual)
IndustryBanking and Financial Services
Founded1923
HeadquartersSwansea, Wales, UK
Key people
Alun Williams, Chief Executive; Ieuan Griffiths, Chairman
ProductsSavings, Mortgages, Loans
£2,296 GBP (December 2019)
Total assets£370 million GBP (December 2019), 19.7% on 2018
Number of employees
65
Websitewww.swansea-bs.co.uk

The Society was founded in 1923 by local estate agent John Oliver Watkins [2] and a group of local business men as a mutual organisation to allow purchases of new homes in the aftermath of the First World War. Today it is one of only three remaining building societies based in Wales and the only building society or bank with its headquarters in Wales west of Cardiff. At 31 December 2019, the Society's total assets were over £370m with some 19,750 saver accounts and 1,800 mortgage accounts. The chief executive is Alun Williams.[3]

Swansea Building Society benefited from the Icelandic financial crisis in 2009, as local savers looked to invest in a safer institution. The Society has since continued to grow by opening three branches in Carmarthen, Cowbridge and Mumbles in recent years. In 2019, it relocated its main branch to Portland Street in Swansea city centre, retaining and refurbishing its previous premises to host its expanding Head Office functions. The Society remains entirely mutual and independent in its outlook, relying only on funding from its Members through savings accounts and not using any retail funding or HM Treasury funding subsidies. It provides a personalised and face-to-face mortgage service for its customers rather than using automated vetting. This approach delivers flexible solutions and safe lending with Society mortgage provisions (2019) of 0.08% (0.29% industry sector average) and payment arrears of 0.05% (0.69% of peer average).

In May 2010, the Society launched a savings account in partnership with Swansea City A.F.C., earning the club additional revenue through commission. The Society is now a sponsor for Swansea City A.F.C. and retains its close links with its community and local charities.

References
  1. "Building Societies Yearbook 2019/20". Building Societies Association. Retrieved 23 May 2020.
  2. "Son of Swansea Building Society Founder". The Western Mail. Retrieved 23 May 2020.
  3. "Alun Williams - Swansea Business Personality of the Decade". TheBay Magazine. Retrieved 23 May 2020.
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