|
|
Article: West Bromwich's buffer deal saves its independence.
- Article from:
- Western Mail (Cardiff, Wales)
- Article date:
- June 13, 2009
CopyrightCOPYRIGHT 2009 MGN Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Kelly Macnamara
WEST Bromwich Building Society insisted yesterday it would retain its independence after agreeing a debt deal to strengthen its finances.
The mutual, which is 160 years old this year, said it had "absolutely no plans to merge with anyone" following a move to convert pounds 182.5m of debts into a financial instrument which will qualify as high quality capital.
West Bromwich said the arrangement would provide it with a buffer to help absorb any losses and give it the capital strength to pass government stress tests.
...