West Bromwich Building Society says debt agreement is not a merger

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West Bromwich Building Society says debt agreement is not a merger

Fri 12th Jun 2009

Following a deal which will see it convert £182.5 million of debt into high-quality capital, West Bromwich Building Society has rubbished claims that it is about to enter into a merger agreement.

The bank has stated that it has "absolutely no plans to merge with anyone" and insisted that the deal simply provides it with the opportunity to absorb losses and strengthen its financial position.

Chief executive of West Bromwich Building Society Robert Sharpe said that there have never been any merger plans discussed at the bank.

He continued: "Following the transaction signed overnight we now have one of the strongest tier one capitals in the building society sector."

This year, the firm celebrates its 160th birthday and is the UK's eight-largest building society with 850 staff, 46 branches and 350,000 customers nationwide.

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