Carpetbagging and Demutualisation

bristolleedsfan

baby_boomer wrote: »

.

And the boss of West Brom has just resigned, so watch out for that one to go, too.

?

Theve got a man who is good at doing.

http://www.westbrom.co.uk/westbrom/news?id=2054 :rotfl: :rotfl:

"Robert Sharpe has accepted an invitation to join the Board as Chief Executive with immediate effect. Robert has an extensive background in the financial services industry and was most recently Chief Executive of the Portman Building Society."


http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2726772.ece


"Robert Sharpe, the chief executive who led the Portman Building Society into a takeover by Nationwide, creating the country’s second-biggest mortgage lender, will walk away from the society with a £1.7 million payoff, it emerged yesterday"

m_c_s

Britannia BS looking at joining the CO-OP
http://news.bbc.co.uk/1/hi/business/7665974.stm

Milarky

I've just looked but there is as yet no news of the result of the Catholic BS SGM that took place on 9th October (to vote on windfalls)

mean_momma

I wonder if Nationwide will make a bid for power and opt to become a bank, now that the banking sector has been decimated?

opinions4u

mean_momma wrote: »

I wonder if Nationwide will make a bid for power and opt to become a bank, now that the banking sector has been decimated?

What's in it for the business?

Given that any share allocation to members would average around £250 (best guess) I suspect the members would be a little less than keen to vote in favour.

This really isn't the time to open up your business to the analysis of the stock market!

Limeycat

baby_boomer wrote: »

...Britannia - is set to bite the dust with no windfalls to be paid

I'm a member of staff at Britannia and some of the speculation is complete bull! Britannia is not "set to bite the dust". It's in early discussions about a range of potential options (from selling each others' products through to a merger) with another organisation that has an excellent potential strategic fit, both in terms of its product offerings and its organisational culture / values. Neither Britannia nor the Co-op are in crisis - if they were, do you seriously think that they'd be seeking an alliance that isn't even legally permissable at the moment? It'll take another several months for the Butterfill Bill to pass through Parliament and become law - before then, no merger can possibly take place.

May I respectfully suggest that people take the time to read the statement on the Britannia website and make their own minds up, instead of believing regurgitated media spin?

bristolleedsfan

Limeycat wrote: »

I'm a member of staff at Britannia and some of the speculation is complete bull!
May I respectfully suggest that people take the time to read the statement on the Britannia website and make their own minds up, instead of believing regurgitated media spin?

Perhaps at the next staff meeting you could ask whether Brittannia BS C.E will be collecting his bonus this year, or even better handing back his previous bonuses. :rolleyes:


http://www.guardian.co.uk/business/2008/oct/05/britannia.dividend.losses

"Hank Calenti, analyst at RBC Capital Markets, said: 'Its exposure to commercial real estate and specialist residential lending is nothing short of alarming for what should be a staid building society.'"

mikey72

Brian_Bullocks wrote: »

If you're not a tight @ss, and can forgo the low interest on the £100 (x3) or so in these accounts, stick with them. Nationwide robbed the Derbyshire & Cheshire members...but in the future these societies may pay a windfall....when everything settles down and they consolidate to survive.

They may not, look at my posting
http://forums.moneysavingexpert.com/showthread.html?t=1219349

DemiDee

Britannia and the Co-Op are merging....

http://uk.news.yahoo.com/21/20090121/tuk-britannia-and-co-operative-to-merge-6323e80.html

...but no talk of any windfalls.

Dee

Primrose

I think in the current economic climate any mergers are likely to be rescues or building societies combining for safety. The days of carpetbagging are over. I'd be surprised to see any more windfalls being paid out.