Bristol and West
Encyclopedia
Bristol & West is a former commercial bank
in the United Kingdom
which is a division of the Bank of Ireland
. Bristol & West has its headquarters in Bristol
, England
. It was previously a building society
known as the Bristol and West Building Society. The bank's main business was mortgage lending for residential and commercial customers, although in 2009 its business was transferred to Bank of Ireland and the company became a shell company.
In 2005, Bristol & West sold its savings and investment business to the Britannia Building Society
. The deal also included Bristol & West's branch network, as well as its direct savings business for an estimated £80m.
Bank of Ireland continued to offer mortgages to intermediaries, packagers and direct customers through the Bristol & West brand at its main processing centres in Bristol and Solihull; this meant the closure of a number of smaller mortgage processing centres throughout the country. In 2007 the estimated profit from this mortgage venture was £52m.
Following the unprecedented markets throughout 2008, Bank of Ireland took the decision to limit mortgage lending. Following a reduced quarterly profit in November the bank issued a warning that profits for 2008 would be 'significantly reduced' after suffering large losses through the collapse of a number of American banks and the downturn in both the English & Irish economies.
On 8 January 2009 Bank of Ireland announced to the stock market that it would close its Solihull
and Reading
processing centres (the Reading Centre currently processes Bank of Ireland Mortgages only) and as of 9 January 2009, Bristol & West Mortgages would cease accepting new customers.
The UK's Financial Services Authority (FSA) fined the Bristol & West subsidiary Chase de Vere Financial Solutions for the "approval and issue of a misleading direct offer promotion" in December 2003 .
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
which is a division of the Bank of Ireland
Bank of Ireland
The Bank of Ireland is a commercial bank operation in Ireland, which is one of the 'Big Four' in both parts of the island.Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history...
. Bristol & West has its headquarters in Bristol
Bristol
Bristol is a city, unitary authority area and ceremonial county in South West England, with an estimated population of 433,100 for the unitary authority in 2009, and a surrounding Larger Urban Zone with an estimated 1,070,000 residents in 2007...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. It was previously a building society
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
known as the Bristol and West Building Society. The bank's main business was mortgage lending for residential and commercial customers, although in 2009 its business was transferred to Bank of Ireland and the company became a shell company.
In 2005, Bristol & West sold its savings and investment business to the Britannia Building Society
Britannia Building Society
The Britannia is a financial services institution and trading name of the Co-operative Bank Plc in the United Kingdom.Before the merger with the Co-operative, Britannia was a mutual building society, with headquarters in Leek, Staffordshire...
. The deal also included Bristol & West's branch network, as well as its direct savings business for an estimated £80m.
Bank of Ireland continued to offer mortgages to intermediaries, packagers and direct customers through the Bristol & West brand at its main processing centres in Bristol and Solihull; this meant the closure of a number of smaller mortgage processing centres throughout the country. In 2007 the estimated profit from this mortgage venture was £52m.
Following the unprecedented markets throughout 2008, Bank of Ireland took the decision to limit mortgage lending. Following a reduced quarterly profit in November the bank issued a warning that profits for 2008 would be 'significantly reduced' after suffering large losses through the collapse of a number of American banks and the downturn in both the English & Irish economies.
On 8 January 2009 Bank of Ireland announced to the stock market that it would close its Solihull
Solihull
Solihull is a town in the West Midlands of England with a population of 94,753. It is a part of the West Midlands conurbation and is located 9 miles southeast of Birmingham city centre...
and Reading
Reading, Berkshire
Reading is a large town and unitary authority area in England. It is located in the Thames Valley at the confluence of the River Thames and River Kennet, and on both the Great Western Main Line railway and the M4 motorway, some west of London....
processing centres (the Reading Centre currently processes Bank of Ireland Mortgages only) and as of 9 January 2009, Bristol & West Mortgages would cease accepting new customers.
The UK's Financial Services Authority (FSA) fined the Bristol & West subsidiary Chase de Vere Financial Solutions for the "approval and issue of a misleading direct offer promotion" in December 2003 .