In a statement as the building society today posted losses of £18.5m, West Bromwich says it has agreed to sell Mortgageforce to the management for a nominal consideration whilst retaining a small minority interest.
Announcing its results for the 2009/10 financial year, West Bromwich says its “back to basics” strategy means it will be concentrating on core activities of savings and mortgage lending.
Its pre-tax losses of £18.5m were an improvement on the losses of £48.8m for the previous financial year.
The society’s losses for continuing operations were £11.2m.
West Bromwich chief executive Robert Sharpe says: “The improvement on last year’s results clearly indicates that we are starting to see the benefits of the West Brom’s ’Back to Basics’ strategy with its renewed focus upon our traditional strengths as a regionally-based building society and concentrating on our core activities of savings and residential mortgages.
“This means that we have split the group between the traditional building society operations and those that are now in run-off, such as commercial lending, and we are applying the right management focus and skills to each.”