We have announced a new way for building societies to raise additional money, if they choose, to help support their businesses as banks already can.

Building societies will be able to issue a new type of share, called profit participating deferred shares (PPDS), which can be bought by large companies looking to invest, such as insurance companies.

West Bromwich Building Society has announced today that it is using this new facility.

Customers of West Bromwich Building Society, and any further building societies that take up this facility, will not be affected by these announcements today. You can continue to withdraw cash and access your accounts in the usual way. Banking facilities will be open for business as usual, with branches, internet and call centres operating as normal.

Mortgage and loan customers’ terms and conditions remain the same and you should continue to make repayments as usual.

Customers’ banking services will not be affected at all. You should continue to access account and withdraw cash as usual. Branches, internet and call centres will all be operating as normal today.

Customers are not affected by this announcement.

We wanted to create the opportunity for building societies to raise extra funding, if they need it, as banks already can. Individual building societies can decide if they want to issue these new shares at any time.

No, if a building society chooses to issue these new shares its status will remain the same. Owners of these new shares will have one vote just as members already do.

The principle of one member one vote will remain

If you still have questions or concerns, you can contact:

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