Swansea Building Society has appointed a new chairman as the financial institution celebrates record breaking figures. Ieuan Griffiths, currently a non-executive director at the Society, was announced as the new chairman at the Society’s annual general meeting (AGM) held at the Liberty Stadium, Swansea, on Thursday 26 April.
Griffiths will replace Gwyn Williams, who stands down after two years as chairman of Swansea Building Society, and who has been a member of the Society’s board since May 2005.
Williams was appointed Deputy Chairman of the Society in December 2014 before becoming chairman in April 2016. He is a Chartered Accountant and owner/director of Clay Shaw Thomas. He is also a Chartered Financial Planner and owner/director of CST Wealth Management. His 34 year career to date has been in private practice, specialising in wealth management for owner managed businesses and high net worth individuals.
Now stepping into the role of Chairman, Griffiths joined the Society’s board in May 2015. He is a Chartered Accountant and member of CIPFA. He has a doctorate in change management and has worked within the consultancy arms of three of the major accountancy firms for nearly 20 years, providing advice on finance, IT and risk management. He was director of strategy and finance at the DVLA for 12 years and previously deputy director of finance and performance for the NHS in England and Wales. Griffiths will become the Society’s ninth Chairman since its incorporation in 1923.
Ieuan Griffiths, newly appointed Chairman of Swansea Building Society, said:
“I am excited and delighted with the opportunity to help guide Swansea Building Society through its next stage of development as it approaches its centenary year. The Society has gone from strength to strength over the last few years, growing steadily, carefully and safely to the benefit of its members under the leadership of Alun Williams and Gwyn Williams. The staff are very much focused on our members as customers, providing the personal service that underpins our growth so that we can serve the people of Swansea, West Wales and the Vale.”
Gwyn Williams, former Chairman of Swansea Building Society, said:
“It has been an honour to serve as Chairman of Swansea Building Society over these past two years and it has been extremely rewarding to be a part of the Society’s success. The Society is in a very strong financial position with it achieving the highest level of total assets ever recorded in 2017 and I’m proud to have contributed to this milestone. I am confident such success will continue as we establish ourselves in South East Wales with our newest Cowbridge branch and maintain a superior level of service throughout our branches.”
Alun Williams, Chief Executive of Swansea Building Society, added:
“We are very proud to have had Gwyn serve as our Chairman and are extremely pleased to now welcome Ieuan to this role. We are privileged to have professionals of such high calibre serve Swansea Building Society, which has ensured we remain stable, profitable and continue to achieve strong financial performances. Having opened our Carmarthen branch in October 2015 and most recently our Cowbridge branch in December 2017, we are continuing to grow in such a way that allows us to be at the heart of communities in Wales. This allows us to serve our members with the personal, face-to-face approach that is central to our business model.”
Swansea Building Society’s AGM also outlined its 2017 results, which revealed it made a pre-tax profit of £2.86 million in 2017, an increase of 11.7 percent compared with the same period the year before when it posted a profit of £2.56 million.
The Society’s total assets were £275.4 million in 2017, − the highest level of total assets ever recorded by the Society − showing an increase of £6.8 million or 2.5 percent on its total assets of £268.6 million a year earlier.
Its gross mortgage lending increased to £46 million in 2017 from £44 million in 2016 and mortgage balances increased to £201.3 million, an increase of 8.8 percent from £185 million in 2016, which are both two new records for the Society.