Wales’ largest building society has opened a new agency in Chepstow, increasing competition and its presence in Wales.

Principality Building Society, which has 70 branches and agencies in Wales and the borders, opened the agency in High Street-based estate agency Bidmead Cook.

This is the society’s 18th agency and 71st retail outlet. It replaces a Santander agency which closed in July.

James Enos, Principality’s agency manager, said: “We are delighted to be opening our new agency in Chepstow. Our members tell us they enjoy having us part of their community and we are fully committed to maintaining a high street presence.

"Chepstow is a location we have been interested in for some time.”

An official opening is planned for next month.

Bidmead Cook has 13 estate agencies across south Wales and the borders and has experience in running multiple building society agencies.

Alan Bidmead, director of Bidmead Cook, said: “We are delighted to welcome the Principality to our offices in Chepstow and are naturally very pleased to be associated with such a progessive and forward thinking company.”

The opening of Principality’s 71st outlet comes as it announced strong half year results for 2014 with increased profitability.

Julie-Ann Haines, Principality’s customer director, said: “We are committed to our heartland of Wales and the borders and strongly believe that the people deserve choice, diversity and excellent customer service in the financial marketplace.

“While a number of financial institutions have chosen to withdraw from local communities Principality believes a trusted, face-to-face service, delivered from the high street is still vitally important and should complement the work that takes place in our other channels– online and the telephone call centre – to work together effectively for the benefit of members and customers. ”