New BSA Chairman elected

Thursday, 5 May 2011 12:00 AM

Peter Griffiths, Chief Executive of Principality Building Society has been elected Chairman of the Building Societies Association (BSA) for 2011/12. He replaces David Webster, Chief Executive of Hanley Economic Building Society, who has held the post for the past year.

Commenting on his election as BSA Chairman, Peter Griffiths said:

I firmly believe that the mutual model offers choice, diversity, customer experience, efficiency and democracy and that it is in the best interests of consumers? financial wellbeing to have a vibrant and strong mutual sector. I am privileged to this year take the position of Chairman of the BSA and I will continue to promote fair choice and competition in the market.

The sector has survived an extremely severe recession, where consumer confidence has been shaken. Continued uncertainty around the future remains and the road to recovery will undoubtedly be bumpy.

But what is currently being hailed as a new banking era is in fact, a return to traditional values and an ethos that has been rooted in the building society sector for the over 200 years. Being owned by your Members and accountable to them promotes quality customer service as a desirable objective rather than a way to generate profits to deliver dividends to shareholders. Societies take pride in supporting their local community and organisations, and this local knowledge makes the sector well-placed to develop new innovative solutions to the issues that face the financial industry today.

Mutuals will continue to be challenged over the next couple of years as societies face increasing pressure to raise more capital and hold more liquidity and in my new role I will work to ensure that the introduction of new regulatory reform should not be based exclusively on the plc model but should cater for mutuals too, to ensure that our strong sector remains a firm fixture in the competitive landscape.?

David Stewart, Chief Executive of Coventry Building Society, has taken over as BSA Deputy Chairman from Peter Griffiths.

~ Ends ~

Notes

1. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 48 UK building societies. Mutual lenders and deposit takers have total assets of over £365 billion and, together with their subsidiaries, hold residential mortgages of almost £235 billion, 19% of the total outstanding in the UK. They hold more than £245 billion of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for about 36% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.

2. Photographs of Peter Griffiths are available from the BSA press office, or from the Association?s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk

3. Contact - Please note the BSA press office are currently in Birmingham at the BSA Annual Conference. For queries please call Rachel Wylie on 07773 489644 or reply to this email.

BIOGRAPHY OF PETER GRIFFITHS, PRINCIPALITY BUILDING SOCIETY

Peter Griffiths has been Group Chief Executive of Principality, Wales?s largest building society, since March 2002. He is Chairman of Principality Group companies Peter Alan Ltd, Nemo Personal Finance Ltd and was former Chairman of the CBI Council in Wales.

He previously worked for NatWest, between 1977 and 2000, predominantly in commercial lending and a variety of management roles, including Director Wales ? Retail Banking.

His final job before leaving NatWest was Head of Commercial Services - NatWest Group. He moved on to become Chief Operating Officer at Morgan Chambers Plc, a small management consultancy advising on strategic sourcing solutions for IT and business process outsourcing.

Born in Tenby, West Wales in 1958, he is the fifth of eight children, now married to Cerys with four children aged between 15 and 23. His key interests include the family, sport, the cinema and the theatre. In January 2006 he climbed Kilimanjaro, the highest mountain in Africa, and raised £65,000 for the NSPCC in Wales.

He is a Fellow of UWIC and a Fellow of The Chartered Institute of Management. He was awarded an OBE in the Queen?s Birthday Honours in 2010. Also in 2010 he was elected Deputy Chairman of the Building Societies Association, staying ever committed to promoting the values and virtues of the mutual sector.

BIOGRAPHY OF DAVID STEWART, COVENTRY BUILDING SOCIETY

David Stewart is a graduate of Warwick University and a chartered accountant. After gaining 10 years experience in the financial services industry, he joined Coventry as Finance Director in 2002. Two years later he assumed responsibility for sales and marketing before being appointed Chief Executive in 2006.

Born in Manchester, David is married with two children. Outside of work he retains a close interest in most sports.

Katie Errington
Policy and External Affairs Officer
Building Societies Association
6th Floor, York House
23 Kingsway
London
WC2B 6UJ

Tel: 020 7520 5904
Fax: 020 7240 5290
Email: katie.errington@bsa.org.uk
Web: www.bsa.org.uk

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