The contract represents an important new customer win for iE and is of material value in the current financial year.

Principality is seeking to expand its online customer proposition to complement its strong branch network whilst extending the footprint of the Principality brand beyond its core territory of Wales.

Phillip Blundell, Chief Executive of iE, said: "We are delighted Principality has selected iE as its chosen partner. What was clear from the selection process was that Principality was looking for a supplier who could translate its innovative strategy into reality. Our solution met all Principality's aspirations and provides the platform for future propositions and innovation."

Tracy Morshead, Managing Director of Principality Building Society, said, "We chose iE for two key reasons - their tried and tested online consumer-focused products and the professionalism and knowledge of their team. Principality Building Society sees this as an exciting opportunity to gain new business from a wider customer base beyond the reach of our branch network."