List of demutualised building societies

This paper lists the building societies that have converted to banks, with the dates of their flotation on the stock market.

A list of the building societies that converted to banks, in reverse chronological order, detailing what happened to them and where they are now.

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). On 29th October 2021 ownership of Bradford & Bingley Ltd transferred to Davidson Kempner Capital Management LP, a global institutional investment management firm. 

Birmingham Midshires

Taken over by Halifax, April 1999. Now a division of Bank of Scotland, part of Lloyds Banking Group.

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 April 2019 UKAR's Northern Rock mortgages and unsecured loans were sold to inactive investment bank Citi.

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 accepting new customers. All existing Bristol and West mortgages were transferred to Bank of Ireland. 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. The Britannia brand is gradually being replaced by the Co-operative Bank brand.

Woolwich

Converted to a bank on 7 July 1997, taken over by Barclays Bank in October 2000 and became a trading name of Barclays Bank. In July 2015 Barclays announced that the Woolwich brand would be phased out.

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.

Alliance & Leicester

Converted to a bank on 21 April 1997, acquired by  Santander in October 2008. Alliance & Leicester rebranded as Santander in November 2010.

National & Provincial

Taken over by Abbey National, 5 August 1996 and ceased trading under this name. Abbey was acquired by Santander in November 2004. Abbey rebranded to Santander on 11 January 2010. 

Cheltenham & Gloucester

Taken over by Lloyds Bank, 1 August 1995 and became a trading name of the Lloyds Banking Group. On 9 September 2013 C&G branches and accounts were transferred to a separate bank within the Lloyds Banking Group called TSB. This was part of a process ordered by the European Commission to provide greater competition following Lloyds Banking Group's part-nationalisation in March 2009. TSB was sold to Spanish bank Sabadell in July 2015 but still operates under the TSB brand in the UK.

Abbey National

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.

Contact

Simon Rex

simon.rex@bsa.org.uk