Community banks or credit unions are often an alternative to
mainstream commercial banks, such as Barclays, HSBC or Lloyds.
Unlike commercial banks, community banks are owned and controlled
by their depositors, typically referred to as members.[1]
The number of credit unions has declined over the past decade.
There were 366 credit unions in July 2025, a 30 percent decrease
compared with 2014. However, the number of credit union members
increased by a third between 2014 and 2024, as the credit unions
that have survived have increased their membership.[2]
Tomorrow, the London Assembly Economy,
Culture and Skills Committee will meet with guests to
understand the role community banks in London currently play in
London's economy and their overall importance. The
Committee will also evaluate the merits of
community banks in comparison to traditional commercial banks.
The guests are:
-
Ravi Ravindran, Chief Executive, Lewisham and
Bromley Credit Union
-
Matt Bland, Chief Executive, Association of
British Credit Unions (ABCUL)
-
Ben West, Head of Business Development, London
Mutual Credit Union
-
Dr Paul A. Jones, Associate Professor in the
Social Economy, Liverpool John Moores University
The meeting will take place on Wednesday 4
February from 10am in Committee
Rooms 2&3 at City Hall, Kamal Chunchie Way, E16 1ZE.
