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West Bromwich building society admits changes are imminent

Even though the rumour mill has been going at full speed over the last few weeks, up until today the West Bromwich building society had refused to confirm reports that business was in trouble. However, the Sunday Times has revealed that rescue talks began some days ago and the society itself has already began "hawking" the business to competitors with a potential merger or takeover one option being considered.

This is a significant change of tack compared to just last week when any suggestions that the business, which has a £10 billion loan book, was struggling were dismissed out of hand. While it has yet to be confirmed by the regulator, the Financial Services Authority is rumoured to be at the centre of rescue and potential takeover plans with a number of "white knights" looking to rush to the society's rescue.

Aside from the fact the West Bromwich building society has over 500,000 members and 850 staff, more financially stable societies are concerned about any potential knock-on effect if the business was to go under. It seems that the industry as a whole is coming together to offer finance and assistance to those in trouble as a means of protecting the overall industry which has a lot to lose.

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