The Rocky Hurrah show

Article Abstract:

Northern Rock building society is to be floated on the stock market. This is part of a wider trend whereby building societies have converted to banks in order to escape restrictions on their activities. Customers could be paid some 2,000 pounds sterling in stocks and have to decide whether to retain or sell them. The stock price has risen since first estimates were made, and some stockholders will wish to retain their stocks. They can use nominee accounts or hold a certificate.

Commercial Banks, Commercial Banking, Northern Rock PLC

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Halifax conversion chaos looms

Article Abstract:

Halifax building society plans a flotation in Jun 1996 and there is concern over the large share issue and its impact on the Crest settlement system. Halifax will use software from TCA Synergo, and a similar system from this company has caused problems at Fidelity Brokerage Services. Halifax will discuss managing demand for dealing in shares with Crest, and plans to encourage members to use nominee accounts. Many small investors are reluctant to use nominee accounts, however.

Halifax Building Society

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Savers set for a share of the action

Article Abstract:

Four UK building societies are to be launched on the stock exchange between April and Oct 1997. They are Alliance and Leicester, Woolwich, Halifax and Northern Rock. Meanwhile Bristol and West will be acquired by Bank of Ireland. There are around 16 million members of these five building societies and many of them have never before owned shares. Once the shares have been received many savers could obtain better rates by moving their accounts.

United Kingdom

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