Consumers
Factsheet
List of demutualised building societies
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Contact: Simon Rex Date: 17 Nov 2011 |
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A list of the building societies that converted to banks, in reverse chronological order, detailing what happened to them and where they are now.
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Bradford & Bingley |
Converted to a bank 4 December 2000. Mortgage book nationalised September 2008. Retail savings transferred to Abbey (Santander) September 2008. Abbey rebranded to Santander on 11 January 2010. In October 2010 Northern Rock (Asset Management) plc and Bradford & Bingley were integrated under a single holding company, UK Asset Resolution (UKAR). UKAR’s has implemented a business plan that aims to wind down the institutions in a way that maximises taxpayer value for money and repays combined debt to the taxpayer of around £50bn. |
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Birmingham Midshires |
Taken over by Halifax, April 1999. Now a division of Lloyds Banking Group. |
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Northern Rock |
Converted to a bank on 1 October 1997. On 22 February 2008, by an order made under the Banking (Special Provisions) Act 2008, the shares of Northern Rock plc were transferred into temporary public ownership. On 1 January 2010 Northern Rock was split into two separate entities: Northern Rock plc, a new savings and mortgage bank authorised as a mortgage lender by the FSA; and Northern Rock (Asset Management) plc. On 17 November 2011 the Chancellor announced the sale of Northern Rock plc to Virgin Money and the sale was completed on 1 January 2012. Virgin Money completed its rebranding of all Northern Rock branches to Virgin Money in October 2012. In October 2010 Northern Rock (Asset Management) plc and Bradford & Bingley were integrated under a single holding company, UK Asset Resolution (UKAR). UKAR’s has implemented a business plan that aims to wind down the institutions in a way that maximises taxpayer value for money and repays combined debt to the taxpayer of around £50bn. In July 2012 UKAR agreed to sell £465m of NRAM mortgages to Virgin Money at a price of par. These mortgages are secured on residential property assets in the UK. The proceeds of the sale will be used to repay the NRAM government loan. |
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Bristol & West |
Taken over by Bank of Ireland, 28 July 1997. Bristol & West transferred its branch network and savings business to Britannia Building Society on 21 September 2005. In January 2009 Bristol & West Mortgages ceased acceptng new customers. Britannia became part of The Co-operative Financial Services (CFS) on 1 August 2009. CFS changed their name to the Co-operative Banking Group in September 2011. |
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Woolwich |
Converted to a bank on 7 July 1997, taken over by Barclays Bank in October 2000. Now exists only as a trading name of Barclays. |
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Halifax |
Converted to a bank 2 June 1997. Merged with Bank of Scotland to form HBOS in 2001. In September 2008 Lloyds Bank agreed to take over HBOS. It became part of Lloyds Banking Group on 16 January 2009. |
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Alliance & Leicester |
Converted to a bank on 21 April 1997, acquired by Banco Santander in October 2008. Alliance & Leicester rebranded as Santander in November 2010. |
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National & Provincial |
Taken over by Abbey National, 5 August 1996 and ceased trading under this name. |
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Cheltenham & Gloucester |
Taken over by Lloyds Bank, 1 August 1995. Now exists only as a trading name of the Lloyds Banking Group. |
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Abbey National
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Converted to a bank on 12 July 1989. Acquired by Santander in November 2004. Abbey rebranded to Santander on 11 January 2010.
These institutions are no longer building societies and should not be referred to as such.
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