West Bromwich Building Society (WBS)

West Bromwich Building Society (WBS)

Blog posts

West Bromwich Building Society in profit

The West Bromwich Building Society recently issued their accounts for their financial year ending in March 2014. They actually managed to make a small profit after years of losses. Does that mean that the PIBS holders will start to receive their dividends again? In essence no. According to Peter Morgan who led a campaign on the issue, it might yet be another 5 years before these bondholders receive any interest whatsoever. To remind readers about this problem, in 2009, the Society ran ...
Post Date: July 5, 2014 Read more

AGM Reports

West Bromwich Building Society (WBS) AGM Report 2012.

The West Bromwich Building Society held its Annual General Meeting on the 31st July. To repeat what I said in last year’s report, the reason for ShareSoc’s interest in this organisation is because they issued PIBS which are listed securities. In 2009, the Society ran into major financial difficulties, mainly due to unwise commercial property lending. They then proposed changes to the 6.15% Permanent Interest Bearing Shares (“PIBS”) as part of a financial restructuring of the Society so as to improve ...
Post Date: August 2, 2012 AGM Date: July 31, 2012 Author: Roger Lawson Read more

West Bromwich Building Society (WBS) AGM Report 2011

The West Bromwich B.S. held its AGM on the 27th July 2011. The reason for ShareSoc’s interest in this organisation is because they issued PIBS which are listed securities. In 2009, the Society ran into major financial difficulties, mainly due to unwise commercial property lending. They then proposed changes to the 6.15% Permanent Interest Bearing Shares (“PIBS”) as part of a financial restructuring of the Society so as to improve the Tier 1 capital (mainly at the behest of the FSA). ...
Post Date: July 29, 2011 AGM Date: July 27, 2011 Author: Roger Lawson Read more