West Bromwich Building Society insisted this morning that it had a future as an independent mutual after reports emerged that the Financial Services Authority (FSA), the City regulator, is searching for a white knight to acquire the group, reports The Times .
The FSA is stress-testing building societies to ensure that they can withstand further economic turmoil. West Bromwich said today that it had not "received any indications" from the FSA regarding the results. According to The Sunday Times, the 160-year-old mutual had been secretly offered to stronger rivals by the FSA. However, the building society said today: "The West Brom has no knowledge of the FSA holding merger discussions relating to the Society". Full story...
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