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Ash4781

List Of Demutualised Societies

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http://www.bsa.org.uk/mediacentre/simple/demutualisation.htm

Bradford & Bingley - floated 4 December 2000

Birmingham Midshires - taken over by Halifax, April 1999

Northern Rock - floated 1 October 1997

Bristol & West - taken over by Bank of Ireland, 28 July 1997. Bristol and West transferred its branch network and direct savings business to Britannia Building Society on 21 September 2005

Woolwich - floated 7 July 1997, taken over by Barclays Bank in October 2000.

Halifax - floated 2 June 1997

Alliance & Leicester - floated 21 April 1997

National & Provincial - taken over by Abbey National PLC, 5 August 1996 (ceased trading under this name)

Cheltenham & Gloucester - taken over by Lloyds Bank PLC, 1 August 1995

Abbey National - floated 12 July 1989

Oh well it was a good idea at the time!

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http://www.bsa.org.uk/mediacentre/simple/demutualisation.htm

Oh well it was a good idea at the time!

A line-up of the "usual suspects" ?

I voted against the sell-offs, but,

I got shares from B&B, AbbeyNat, Bristol&West.

Sold all in 2004, and bought a nice guitar!

Thought it might have been a bit rash, and I might regret it!

I haven't yet though! ;)

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http://www.bsa.org.uk/mediacentre/simple/demutualisation.htm

Oh well it was a good idea at the time!

It was a good idea if your aim was to take them out of the game and make the housing market the sole preserve of the banksters. Offer them the "opportunity" to "compete" under the guise of greater competition for the consumer and watch them compete themselves out of existence. Job done I'd say.

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It was a good idea if your aim was to take them out of the game and make the housing market the sole preserve of the banksters. Offer them the "opportunity" to "compete" under the guise of greater competition for the consumer and watch them compete themselves out of existence. Job done I'd say.

Agreed, but I would add that demutualisation has been a disaster for every single one on that list. Before the change, each of those institutions was solid, made a reasonable profit, paid its staff adequately, rewarded its executives, and broadly speaking its customers were happy. If you are already making a couple of Billion pounds profit per annum, does it really matter that you should make five or ten times more, and at what cost? The cost, of course, has been a paint ball fight which turned into a savage war, and that war, driven by an insane lack of proportionate thinking, has resulted in every one on that list, except possibly Abbey (although a lot has yet to emerge about Abbey/Santander's potential liabilities) grinding each other into the ground on the basis of "competition". I prefer to use the word "greed".

All these banks now represent a negative advertisement for un-regulated capitalism. If the ONLY goal is to drive profits to an unsustainable dream, it is inevitable that irresponsibility and profligacy is going to take hold. What does it REALLY matter that a bank should make £10 Billion profit as opposed to £2 Billion profit? It matters not one jot. What matters is that a bank is smoothly oiled, has happy customers and contented staff. In ALL of the banks on this list, customer service is appalling, depositers simply do not trust the security of their cash, their staff are universally disgruntled and their long standing supporters are constantly looking elsewhere, except that everywhere they look to as an alternative is possibly worse.

The great quality of a mutual organisation was that there was little pressure to immediately satisfy the greed of short term interests. That was blown away under the bogus notion of "modernisation". And look at the result.

VP

Edited by VacantPossession

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My Granny had some savings for me with Halifax and sold the shares she got shortly after demutualisation, got about £500 quid to put back into my savings. I wish I hadn't wasted most of it on beer at university though.

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If the ONLY goal is to drive profits to an unsustainable dream, it is inevitable that irresponsibility and profligacy is going to take hold. What does it REALLY matter that a bank should make £10 Billion profit as opposed to £2 Billion profit? It matters not one jot. What matters is that a bank is smoothly oiled, has happy customers and contented staff. In ALL of the banks on this list, customer service is appalling, depositers simply do not trust the security of their cash, their staff are universally disgruntled and their long standing supporters are constantly looking elsewhere, except that everywhere they look to as an alternative is possibly worse.

IMO the goal of the demutualisations was looting, pure and simple: shares can be looted (by members receiving windfall allocations and by management receiving bonuses and options) in a way that a mutual asset built up over generations cannot. It might have been dressed up as enabling keener competition but it was about short-term greed.

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Sold all in 2004, and bought a nice guitar!

Thought it might have been a bit rash, and I might regret it!

I haven't yet though! ;)

The chances are said guitar's worth more than the shares would be now.

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My Granny had some savings for me with Halifax and sold the shares she got shortly after demutualisation, got about £500 quid to put back into my savings. I wish I hadn't wasted most of it on beer at university though.

I had £300 in a B&W account that bought me a ticket to Seattle whilst I was at uni. That's what those special 3 years are for.

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Guest happy?
IMO the goal of the demutualisations was looting, pure and simple: shares can be looted (by members receiving windfall allocations and by management receiving bonuses and options) in a way that a mutual asset built up over generations cannot. It might have been dressed up as enabling keener competition but it was about short-term greed.

You're wrong. It was about greed.

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  • 399 Brexit, House prices and Summer 2020

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      • down 5% +
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