Britannia Building Society: medium-term bet

Article Abstract:

Britannia Building Society is carrying out its first profit share which is almost 32% of pre-tax profit, or an average 35 pounds sterling payout per member. Members accumulate points to qualify for a payout and the maximum payment is set at 500 pounds. The management argues that Britannia aims to stay mutual and the bonus scheme is a way of appeasing criticisms over this policy. Britannia could still be the target of a hostile takeover bid, despite its strength. It is possible to become a member through opening an account, though this has become more difficult.

Britannia Building Society

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Building society escape

Article Abstract:

UK savers have kept funds in some building society accounts in the hope of qualifying for a bonus payment when those societies convert to become banks. The societies carrying out conversions tend to offer low interest rates. Savers can transfer funds from these accounts to other building societies offering more competitive rates and they will not forefeit their bonuses in the case of four building societies. Bristol and West members who are eligible for variable bonuses should wait before moving.

United Kingdom, Deposit banking, Depositories (Banking)

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Bristol and West: no conversion like it

Article Abstract:

Bristol and West will be acquired by Bank of Ireland and members will mainly be paid in cash, though some members will be paid preference stocks. These stocks cannot be included in United Kingdom personal equity plans (Peps). The stocks are seen as a way of rewarding members who could not receive cash due to the Building Societies Act of 1996, and members are advised by some analysts to sell the stocks in the short term, since they may be less easy to sell later on.

Mergers, acquisitions and divestments, Bank of Ireland Group, Bristol and West Building Society

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