Baum brings a wealth of experience having held director or senior risk-related roles in companies including Lloyds Banking Group, Barclays and GE.

He is currently an independent non-executive director on the boards of both TransUnion UK, a UK subsidiary of a US owned credit reference agency, and Vanquis Bank, where he also chairs their risk committee.

Sally Jones-Evans, chair of Principality’s Board, said: “I’m excited to appoint Jonathan to our Board as he has vast experience in the finance sector and will strengthen our capabilities significantly.

“His knowledge will be a real asset as we transform our core business of mortgages and savings.”

Baum said: “I’m excited to be appointed to the Board of a building society with such heritage and history as Principality. It is an exciting time to be joining the largest mutual in Wales and I am looking forward to working on behalf of our members.”