A Powys Credit union has become part of a Welsh community bank as part of merger.
Red Kite Credit Union in Llandrindod Wells has joined fellow Powys based Brecon & District Credit Union as part of Smart Money Cymru Community Bank which aims to bring much-improved financial services to Mid Wales as traditional banks continue to close their doors.
Smart Money Cymru has branches in Caerphilly, Blackwood, Tredegar, Aberdare, Brecon and now Llandrindod Wells, making it one of the fastest-growing financial institutions in Wales with just under 12,000 members.
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They have said the move will mean “better, more accessible premises in the centre of Llandrindod as well as upgraded IT and banking services”.
“We have ambitious plans to develop services and facilities for Members in Llandrindod Wells and also across Powys,” said Smart Money Cymru CEO Mark White. “In the first place we will be moving to new, ground floor, premises in the centre of town which will be both easier to access, and will make Red Kite far more visible and bring it into the life of the town.”
Smart Money Cymru, with the help of the Welsh Government, is making substantial investments in Powys. As well as partnering with Brecon & District and Red Kite Credit Unions, Development Officer Andrew Davies has been appointed to promote the benefits of the new services within the County and build links with local communities and organisations. An outreach branch is also planned for Knighton in the near future.
“With the cost-of-living crisis showing little sign of abating, the battle against financial exclusion is ever more pressing,” added Mr White. “Financial pressures on households are immense and are likely to increase, and this is why the work of credit unions and community banks is so important.
“Our aim is to widen access to fair finance, and to keep people out of the hands of unscrupulous lenders who take advantage of the vulnerable, especially at times like this.”
Another initiative available to Llandrindod Wells members will be “Smart Goods”, which allows members to obtain loans which they then use to buy from a catalogue of 5000 homeware goods such as fridges, freezers and televisions.
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