Debt swap lifeline for West Brom

Jones, Lee
June 2009
Money Marketing;6/18/2009, p9
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.


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