11 Jun 2009 17:00
WEST BROMWICH BUILDING SOCIETY
STRENGTHENING OF OUR CAPITAL BASE
West Bromwich Building Society is in advanced discussions with holders of the Society's subordinated debt to exchange the full outstanding principal amount of the Society's subordinated debt, totalling £182.5 million, for a new instrument which will qualify as core tier 1 capital.
Such a transaction would materially strengthen the Society's core tier 1 capital ratio as well as improving quality of the Society's capital base. The Society expects to make a further announcement with respect to this transaction in due course.
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