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Mutual boosted >> Wider Co-op Movement
Mutual boosted
June 20 2009
Fears that the troubled 160-year-old West Bromwich Building Society might be broken up or be forced to merge with another building society have receded.
The mutual, Britain’s eighth biggest building society with 350,000 members over 850 staff and 46 branches, announced post tax losses of £39.3 million last week.
But analysts believe a proposed ‘debt for equity swap’ to be completed next month involving a subordinated debt of £182.5m will stabilise the business.
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