Montgomeryshire AM Mick Bates has taken the protest over service cuts to local Natwest branches to the next level by discussing the shared banking model with RBS CEO Stephen Hester and senior Natwest officials at a recent meeting in Cardiff. Mr Bates is working to get the Government and major banks on board and will meet again with representatives of Natwest to discuss the concept in more detail.
Commenting, Assembly Member Mick Bates said:
“The strength of community feeling over the recent Natwest service cuts clearly shows how important local facilities are in rural areas and I am determined to continue the campaign for banks to look at sustainable ways to maintain their individual brands in our towns and villages.
“I have met with Mr Stephen Hester, CEO of RBS, along with senior representatives of Natwest to discuss the shared banking model that is being promoted by the excellent ‘Campaign for Community Banking Services’ and they were keen to explore the concept. I will be meeting with Natwest representatives again to discuss in more depth how it may work.
“I’ve also written to all major banks, the Association of British Credit Unions and Vince Cable MP, Head of the UK Business Department, to outline the concept and ask how they will take action to support the development of shared banking models.
“There is a clear need to sustain financial services in rural areas that individual brands cannot afford to service. The shared banking model already exists in the US and works well. Sharing overheads and facilities could substantially reduce delivery costs for the banks, whilst maintaining the local service and choice for customers.
“It is crucial that the Government and banking sector work together to trial the shared banking model, otherwise I am worried that the recent service cuts in Montgomeryshire may be replicated in other rural towns and villages before too long.”
