West Bromwich Building Society is launching a new charitable foundation as part of its commitment to local communities.
The foundation will look to support social and community welfare causes and will seek to provide rented accommodation to those in need and support organisations that help those suffering in poverty.
This latest move follows a year where the mutual has donated almost £50,000 to charitable causes and the establishment of a foundation is designed to further underscore the society’s purpose and values.
Separate from the day to day operations at the mutual, the foundation will have its own board of trustees who will consider funding applications and examine the suitability of charitable causes seeking to participate in the programme.
Jonathan Westhoff, chief executive at West Bromwich Building Society said engagement with local communities has always been a strong focus for the mutual in an interview with the Wolverhampton Express and Star.
“It’s at the core of what it means to be a mutual,” he said. “We want to be able to have a stronger influence on helping local people and supporting community initiatives in our region that are aligned to our purpose.”
The announcement comes days after the society launched its latest savings product, targeting the top interest yielding savings products on price comparison platforms.