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Principality Bld Soc (89VX)

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Tuesday 28 March, 2006

Principality Bld Soc

Directorate Change

Principality Building Society
28 March 2006

28 March 2006

                   Two Key Appointments at Principality Board

Chris Jones, Finance Director at Welsh Water, and Gordon MacLean, formerly
Director of Group Compliance at 3i Group Plc, have been appointed to the Board
of Principality, Wales' largest building society, as non-executive directors.

Mr Jones, a Welshman who lives in Brecon, brings to the Principality Board
considerable experience having been appointed Finance Director of Glas Cymru in
April 2000 and of Dwr Cymru (Welsh Water) in May 2001. He was previously
Director of Regulation of Welsh Water between 1996 and 2000.

Before joining Welsh Water in 1995, he was a Director at National Economic
Research Associates and, prior to that, worked for HM Treasury on utility
industries and privatisation.

Mr Jones said: 'I am delighted to join the Board of Principality because the
position will allow me to build on my recent experience in the capital markets.
Principality is a great Welsh brand and I'm very proud to be joining a team who
are passionate about its continued success and growth.'

Gordon MacLean, who recently retired from his position as Director of Group
Compliance of 3i Group Plc after nine years, has significant understanding of
governance processes within a FTSE 100 company with activities worldwide.

He previously held a number of directorships and executive positions within the
3i Group plc from 1983, developing skills in analysing, assessing and
negotiating unquoted investment opportunities and complex regulatory issues. Mr
MacLean was also a Director of the Joint Money Laundering Steering Group Limited
and worked on the British Venture Capital Association committees.

Mr MacLean said: 'I look forward to the challenges ahead, working with a
talented team of Board members. I believe that my expertise can assist the
Society in its diversification strategy and in securing finance to underpin its
future growth.'

Principality Building Society Chief Executive Peter Griffiths welcomed Mr Jones'
and Mr MacLean's appointments. Peter Griffiths said: 'As a mutual society, it is
essential that our Board has the wide set of skills needed to support our
business strategy as well as to scrutinise and challenge our thinking. Chris and
Gordon have an impressive track record in their chosen fields and their
knowledge and experience will prove to be a great fit with the current team.

'Their appointments are further evidence of our determination to seek highly
competent individuals to achieve the challenging plans for the Principality.'

Chris Jones, an Oxford graduate with a postgraduate diploma in international
studies, is a Trustee and Director of the Institute of Welsh Affairs and a
school governor at Brecon High School.

Gordon MacLean, Fellow of the Institute of Chartered Accountants in Ireland, is
a keen cricketer and is Chairman of Shalford Cricket Club.


Notes to editors

  • Formed in 1860, Principality is Wales's largest building society.
  • The Society is committed to supporting the communities of Wales.
  • With more branches (51) in Wales than any other building society,
    Principality is the 12th largest building society in the UK.
  • The Society has assets of over £4.3 billion.
  • Principality is committed to remaining a mutual organisation.
  • The Society continues to reinforce this intention by providing competitive
    investment and mortgage products for existing and future members alike.
  • Peter Alan is Principality's wholly owned estate agent subsidiary with 25
    branches throughout South Wales.
  • Late in 2004, the Society acquired Loan Link Limited and formed a new
    subsidiary - Nemo Personal Finance - creating around 160 jobs in Wales over
    two years.

For more information, contact:

Llio Penri, PR Officer, Principality Building Society.

Tel: 029 2077 3208; Mob: 07836 713343; email: [email protected]

                      This information is provided by RNS
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