Our History

In 1860, at a time when the population of Cardiff, then just a market town, was 33,000, Principality was established in Church Street and was known as Principality Permanent Investment Building Society. Income for the first year amounted to a modest £367.

In 1862 Alderman W Sanders was appointed Principality's Managing Secretary.

In 1881, the Welsh Rugby Union was established and in 1883, Cardiff University was founded.

Cymdeithas yr Iaith Gymraeg (the Welsh Language Society) was founded at the National Eisteddfod in Aberdare in 1885.

In 1886 the Cardiff stock exchange opened and at this time Principality's assets stood at £355,227.

Edward Edwards joined Principality's Board of Directors in 1901.

In 1905, Cardiff was declared a city.

Two years later In 1907, the National Library and the National Museum of Wales opened. The world's first million-pound cheque was reckoned to have been signed at Cardiff's Coal Exchange in 1909.

Following the war, demand for houses grew and once again Principality prospered, reaching its first milestone of £1 million assets in 1924.

In 1925, the actor, Richard Burton, was born and in 1926, Principality created a policy of leniency in light of the Coal Strike, allowing certain borrowers to be exempt from 6 months’ repayments.

The number of motor vehicles in Wales exceeded 100,000 for the first time in 1929.

Extending its presence west, Principality opened branches in Swansea and Barry in 1934.

In 1935 Principality's Ammanford agency opened at 6 High Street.

Shirley Bassey and Anthony Hopkins were born in 1937.

In 1939 the first Welsh language primary school was established in Aberystwyth.

In 1950, Alex Saunders became Principality's General Manager and in 1952, the Society's assets reached £3 million.

Dylan Thomas died in 1953 and Bonnie Tyler was born.

Cardiff was chosen as the capital city for Wales in 1955 and in 1956, the Gower Peninsular became the first place in the UK to be designated an Area of Outstanding Natural Beauty.

In 1959 the red dragon on a green and white background became the official flag of Wales.

In 1960, Principality staff and agents celebrated the Society's centenary at the Angel Hotel, Cardiff. In the same year Principality opened its Chester branch at 14 Bridge Street and in 1963 Principality opened a branch in London.

Following the Society taking over Maesteg Building Society in 1968, Principality opened a further branch in Maesteg. In the same year, Principality's Pwllheli branch opened.

In 1969, Principality's assets reached £33.7m. At the beginning of the 60s, they had stood at £9.3m.

In 1980, Principality began its long-term sponsorship of the National Eisteddfod of Wales.

Principality continued opening branches throughout Wales: Morriston, Llanishen, Machynlleth, Mumbles, Porthcawl, Llantwit Major, Birchgrove, Lampeter and Llandrindod Wells.

In 1986, John Mitchell became Principality's Chief Executive. In 1987, Principality acquired Peter Alan and Parkhurst Estate Agency and in 1989, the site for Principality's head office, Principality House was acquired.

In 1991, Principality celebrated the achievement of £1 billion assets with a dinner at City Hall, Cardiff and in 1992, Principality House on the Friary, Cardiff, was opened by Her Royal Highness The Princess Royal.

In 1997, Cardiff Arms Park was demolished to make way for a new stadium and Principality opened a new branch in Pontypridd. In 1999, Wales' Millennium Stadium opened - the first stadium in the UK with a retractable roof.

In 2010, Principality celebrated its 150th Birthday. In the same year Principality gave its support to Only Boys Aloud, the initiative to find the next generation of male choral singers from the Welsh valleys.

In 2011, plans were approved for 700 homes to be built on the site of the Old Ely Mill in Cardiff, creating quality affordable housing and hundreds of jobs, in a deal led by Principality Commercial and the Welsh Government.

In 2012, Graeme Yorston was appointed Chief Executive Officer and we raised over £72,000 for our charity of the year, Cancer Research Wales. 2012 also saw Principality Commercial fund our first low carbon homes in St Fagan’s, Cardiff. 

2015 saw the announcement of our 10-year partnership with the Welsh Rugby Union, which was marked by the renaming of the national stadium of Wales to Principality Stadium in early 2016.

Later in 2016, the Society’s branding was given a fresh lick of paint to reflect how the Society has evolved and to better illustrate our values and purpose.  

In 2017, Steve Hughes was appointed Chief Executive Officer, while we were recognised for our outstanding service to our Members, commercial customers and our brokers through awards and endorsements from the likes of Which?, Wales Business Insider and Investor in Customers. 

In 2019, we were endorsed as a Which? Recommended Provider for mortgages – for the second year running - while also winning the Volunteering Impact award by Business in the Community.