THERE should be no compulsory redundancies in the takeover of the Bristol and West Building Society by the Bank of Ireland, the society's chairman, Lord Armstrong, said yesterday.
He told shareholders in Bristol they faced a "win win" situation in the £600 million deal, which is expected to be completed in the middle of next year.
The transfer package has yet to be approved by an extraordinary meeting of shareholders, likely to be held in the spring. Investing members' generally stand to receive payments of between £500 and £1,000 each.
The deal announced early this week left a question mark over the future of the 2,800 Bristol and West staff. Lord Armstrong gave his jobs pledge in an unscheduled statement to the a.g.m. in Bristol.
He said the new company, to be known as Bristol & West plc, would retain its head office at the Bristol headquarters.
"The existing management structure and branch structure will be largely unchanged. The transfer is not expected to give rise to any compulsory redundancies of Bristol and West staff."
Speaking from the floor, Mr Fergus Lyons, a solicitor, who stood unsuccessfully three times for the board, said he felt the society was unable to retain its mutuality and had to find a life raft.
After the meeting Mr Lyons, who represents a group of shareholders, maintained that - based on the National Provincial sale to Abbey National - Bristol & West could have been sold for £300 million more.
