West Bromwich Building Society confirms a £182.5m dedt deal to boost its capital

Jun 13 2009 Huddersfield Daily Examiner

WEST Bromwich Building Society confirmed it had agreed a £182.5m debt deal to boost its capital strength.

The lender said the agreement – which will see its debts converted into a new financial instrument which will qualify as high quality capital – would “significantly” boost its position.

West Bromwich also posted its results for the year to March 31, in which it made a pre-tax loss of £48.8m. The mutual said it planned to be predominantly funded by traditional retail savings in the future.