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Chelsea uses results to fend-off carpetbaggers

Chelsea Building Society is using its 1999 results to try and dash the hopes of carpetbaggers forwarding a demutualisation resolution at its AGM in April.


The eighth-largest building society says its pre-tax profits in 1999 soared by 16 per cent to a record £38.9m, while gross mortgage lending rose 31 per cent to £966m from £739m in 1998.


Chelsea chief executive Michael Bage issued a warning to carpetbaggers saying: “The ability to operate with this clear competitive edge is reflected in our results, proving beyond doubt that mutuality pays.”

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