High street banking returns to Ystradgynlais with opening of shared hub

Daniel Bevan - Editor

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Face-to-face banking services have returned to Ystradgynlais after a new shared banking hub opened in the town centre, filling a building that had been vacant since the last local bank closed in September 2023.

The hub, which is operated by Post Office staff, offers customers access to a staffed counter for everyday transactions including cash deposits and withdrawals, cheque payments and balance enquiries.

Customers can also book appointments with specialists from their own bank for more complex services.

The opening was welcomed this week by the Cabinet Secretary for Social Justice and the Cabinet Secretary for Finance and Welsh Language, who visited the hub to meet staff and residents already using the facility.

Ystradgynlais was identified as a suitable location by LINK, the organisation that assesses communities for shared banking hubs, following a local campaign.

The town has a large number of cash-reliant retailers and a significant population of older residents and people who do not use digital banking.

Ystradgynlais Shared Banking Hub operator Manjit Sanghera said: “What really delights me is when I see the joy on the face of so many local customers as they walk into this branch for the first time.

“I quickly realised how pleased our customers are to have got their banking services back in their local town centre.”

There are now 12 shared banking hubs open across Wales, with three more in development.

They form part of a wider UK Government programme, which aims to establish 350 hubs during the current parliamentary term.

In Wales, the network complements enhanced Post Office services and initiatives by LINK, including the provision of free-to-use cash machines and commitments by building societies to retain branches.

The Cabinet Secretary for Social Justice, Jane Hutt, said: “Everyone is concerned about the cost of living and wants access to financial support and advice. Facilities like this are crucial in our communities.

“We are not a cashless society, and access to face-to-face services is vital for people’s health, wellbeing and financial security.”

Mark Drakeford, Cabinet Secretary for Finance and Welsh Language, added: “The new hub in Ystradgynlais shows how we can bring essential services back into the heart of our towns.

“When communities lose their banks, it affects local businesses and residents alike. Shared banking hubs help keep places like Ystradgynlais thriving, and we welcome the commitment to expanding this network across Wales.”