The Woolwich Building Society can now start counting the days until its flotation after it was given the official go-ahead to convert to a bank.
The Building Societies Commission has formally cleared the Woolwich’s plans to convert, it announced today. More than 2.5m members of the society will get a free shares handout worth an average of £1,233 this summer. July 7 is the plannedconversion date.
In February, members of the Woolwich voted by a massive majority for it to convert to a bank, but the Commission has the final say. Its hearing was held last month.
PA News 19/05/97
