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West Brom refutes rescue rumours

West Bromwich Building Society has denied any knowledge of FSA merger talks after press reports claimed the regulator was seeking a rescuer for the mutual.

It says it is well-capitalised, able to meet all financial obligations and has a strong future as an independent society.

But the society says: “In common with other financial institutions, West Brom has been working closely with the FSA in relation to its funding and capital position, including the current stress-testing exercise being conducted on a number of the larger building societies.

“The society has not received any indications from the FSA in relation to the results of this exercise, which commenced only recently. Furthermore, West Brom has no knowledge of the FSA holding merger discussions relating to the society.”

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