Cheltenham & Gloucester - BUYOUT - Any Windfall?

meatandtwoveg

I was speaking to a pensioner today who has been with the Cheltenham & Gloucester since the beginning of time. He seems to think if well when the branches get sold off in two years time, all members will recieve so many either shares or so much cash depending on how much you have saved with them or how much you owe them?

Thoughts, he seems to think they are still a building society though, but operating under the Lloyds corporate branding?

Are they now a bank, what actually are they........

opinions4u

They were bought out by Lloyds TSB in 1995 (I think).

The members got lots of LTSB shares at the time. These shares are now LBG shares.

There will be no new payments if / when this sell off takes place.

C&G is very much part of a bank. Although it is, in many ways, still in the dark ages. In some ways that's quite nice.

ses6jwg

they wont get a penny.

I work for Santander and many older people still think we are a building society, same goes for my grandad and Halifax.

meatandtwoveg

opinions4u wrote: »

C&G is very much part of a bank. Although it is, in many ways, still in the dark ages. In some ways that's quite nice.

Totally agree, after being a Nationwide customer for a decade, C & G are what i remember a local building society should or used to be like, just hope this remains after the sell off, i bet not!

talexuser

The chances of windfalls these days must be comparable to finding sentient airborne pork.

thenudeone

C&G is just a trading name for a division of LLoyds bank now. Any windfalls due were paid out at least a decade ago.

BobQ

meatandtwoveg wrote: »

I was speaking to a pensioner today who has been with the Cheltenham & Gloucester since the beginning of time. He seems to think if well when the branches get sold off in two years time, all members will recieve so many either shares or so much cash depending on how much you have saved with them or how much you owe them?

Thoughts, he seems to think they are still a building society though, but operating under the Lloyds corporate branding?

Are they now a bank, what actually are they........

C&G paid out a cash windfall to its members when it was sold to Lloyds so there is no more windfall to come. Its just part of the banking group these days.