TITLE

Debt swap lifeline for West Brom

AUTHOR(S)
Jones, Lee
PUB. DATE
June 2009
SOURCE
Money Marketing;6/18/2009, p9
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on the move of the West Bromwich Building Society to swap £182.5 million of subordinated debt for profit-participating deferred shares (PPDS) in Great Britain. It states that holders of the new shares now own 25 per cent of the society, raising tier-1 capital ratios. According to Robert Sharpe, chief executive of West Brom, they carefully managed their business through a programme of cost reduction to improve society's efficiency.
ACCESSION #
43089691

 

Related Articles

  • Sharpe shapes up for the long haul. Murray, John // Lending Strategy;Jun2009, p18 

    An interview with West Bromwich chief executive Robert Sharpe is presented. When asked to give his thoughts on the society's future, Sharpe replies that West Bromwich wants to change the culture of the organization from one of sales and growth to one of risk management and control. He confirms...

  • Societies could opt for debt swap to boost cash. Jones, Lee // Money Marketing;6/18/2009, p2 

    The article discusses the plan of building societies to convert debt into profit to boost capital in Great Britain. It states that West Bromwich Building Society intends to convert £182.5 million of subordinated debt into profit participating deferred shares. However, a spokesman for Chelsea...

  • West Brom launches £420m securitisation. Thomas, Paul // Mortgage Strategy (Online Edition);5/29/2013, p2 

    The article reports that West Bromwich Building Society has a securitisation that will be utilized to assist fund mortgage lending. The bond, dubbed Kendrick No. 2, is reportedly backed by prime residential mortgage loans. The building society claims none of the loans that comprise the pool are...

  • West Brom to hike rates for 6,700 B2L tracker customers. Thomas, Paul // Mortgage Strategy (Online Edition);9/23/2013, p3 

    The article reports on the decision of West Bromwich Building Society to increase rates for its 6,700 buy-to-let tracker customers by 2 percent on December 1, 2013. The building society claims it has increased the trackers due to market conditions and that the change is allowed in the mortgage...

  • West Brom gears up for mortgage advice sector return. Brennan, Henry // Money Marketing (Online Edition);5/24/2013, p14 

    The article reports that West Bromwich Building Society has registered the brand The West Brom for Intermediaries to prepare for a return to the intermediary market. West Brom had quit the intermediary sector in December 2008 due to adverse market conditions. According to a West Brom...

  • Talking up the benefits of mutuals. Marland, Paul // Mortgage Strategy;9/11/2006, p67 

    The author reflects on building societies regarding mortgage loans in Great Britain. There is still an existing misinformed perception questioning the stability of building societies. In reality, societies have become market leaders when it comes to service, technological developments and...

  • Regulator urged to end speculation by revealing if society has problems.  // Money Marketing;5/28/2009, p10 

    The article reports on the move of Dudley Building Society to encourage the Financial Services Authority (FSA) in Great Britain to unveil the financial strength of building societies. According to the article, the move came after speculations regarding the future of West Bromwich. Dudley chief...

  • Chancing their arms. Anker, Guy // Money Marketing;5/25/2006, p34 

    The article reports that West Bromwich Building Society has launched a separately-branded intermediary lending arm called West Bromwich for Intermediaries. The branch continues the trend for building societies to enhance their direct and broker-led propositions. It was stated that more building...

  • Smoke, fire and West Brom.  // Mortgage Strategy;6/1/2009, p26 

    In this article the author discusses the alleged bidding of West Bromwich Building Society (West Brom) in Great Britain, managed by chief executive Robert Sharpe. The author states that the Great Britain Financial Services Authority has a plan in making West Brom a large society. In addition, he...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics