A NEW banking hub serving Welshpool will arrive in the town on a 10-year lease as a long-term project, a meeting has heard.

Montgomeryshire MP Craig Williams appeared at a meeting between Welshpool Town Council and local businesses to discuss the proposed banking hub coming to the town.

On Tuesday, October 4, the MP appeared at the meeting held at the Royal Oak Hotel to inform local businesses on plans for a banking hub in Welshpool, the first of its kind in Wales, and field questions from business owners on the progress of the plan.

The facility will serve customers of most major UK banks, offering over the counter banking services, as well as dedicated rooms where customers can meet with community bankers from their own bank.

Mr Williams said: “I want to reinforce that the bank hub will be happening and in a matter of months rather than years.

“It will be the first of its kind in Wales, but as we see more banks leaving the high streets we will likely see more of these hubs in other rural communities.

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“I also want to ensure business owners and residents that this is not a temporary measure, the owners behind the scheme have signed a 10-year lease to be based in Welshpool so it’s not a fleeting, short term idea, they are in it for the long haul.

“I’m delighted the idea has landed and I am willing to work with everyone to get these services in the town.”

The banking hub was put forward following the announcements by Barclays and Lloyds Bank that they will be closing their branches leaving one of mid Wales' largest towns with no banks, a decision Mr Williams labelled “extremely disappointing”.

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.

When the bank hub is up and running, it will reportedly measure the footfall and customer base in the area and adjust to fill demand.