Community Banks in Focus as London Assembly Explores Their Role
Tomorrow, the London Assembly’s Economy, Culture and Skills Committee will convene to discuss the vital function of community banks in London’s economy. As traditional banking institutions face scrutiny, the committee will assess the significance of these community-focused financial entities compared to their commercial counterparts.
The State of Community Banking
Community banks and credit unions provide an alternative to large commercial banks such as Barclays, HSBC, and Lloyds, with ownership typically resting with their members—depositors themselves. Despite the decline in the number of credit unions over the last decade—dropping to 366 in July 2025, a 30 percent fall since 2014—the overall membership in existing credit unions saw an increase of one-third between 2014 and 2024. This indicates a growing interest and reliance on these community-focused banks among consumers.
Details of the Assembly Meeting
The committee meeting will feature a panel of distinguished guests who will share their insights on the role of community banks. Among the speakers are:
- Ravi Ravindran, Chief Executive of Lewisham and Bromley Credit Union
- Matt Bland, Chief Executive of the Association of British Credit Unions (ABCUL)
- Ben West, Head of Business Development at London Mutual Credit Union
- Dr. Paul A. Jones, Associate Professor in the Social Economy at Liverpool John Moores University
The meeting is scheduled to begin at 10am on Wednesday, 4 February, in Committee Rooms 2 and 3 at City Hall, located at Kamal Chunchie Way, E16 1ZE. Both the media and members of the public are welcome to attend.
How to Follow the Discussion
For those unable to attend in person, the discussion will be available for live viewing, as well as on-demand, via a webcast and the London Assembly YouTube channel.
For updates, follow the Assembly on Twitter at @LondonAssembly.
Background
The decline in credit unions poses questions about the future of community banking in the UK. As the larger commercial banks often come under fire for prioritising profits, community banks seek to offer equitable services tailored to the unique needs of their regions. With increasing memberships in the surviving credit unions, tomorrow’s meeting could shed light on potential solutions to revitalise the community banking sector and reinforce its importance in the modern economic landscape.
Source: official statements, news agencies, and public reports.
https://www.london.gov.uk/who-we-are/what-london-assembly-does/london-assembly-press-releases/pros-and-cons-community-banks
