'We're looking strong,' Stewart.COVENTRY Building Society The Coventry Building Society is a building society based in Coventry, England. It is the 5th largest in the United Kingdom based on total assets of £12.3 billion at 31 December 2006. is well positioned to weather the financial storm which caused two of its Midlands rivals to be taken over by Nationwide Building Society. The confident prediction came as the Cheshire Building Society The Cheshire Building Society is a building society based in Macclesfield, Cheshire, England. It is the 11th largest in the United Kingdom based on total assets of £4,667 million at 31 December 2005. and the Derbyshire Building Society The Derbyshire Building Society is a UK building society based in Duffield, Derbyshire in the East Midlands of England. It is the 10th largest in the United Kingdom based on total assets of £6,021 million at 31 December 2006. announced they were being taken over by the Nationwide as a result of financial issues they face. David Stewart (above), chief executive of Coventry Building Society, said: "In August we announced excellent results for the first half of 2008, which show that the Coventry has grown in strength and capability despite the difficult market conditions. "We have grown retail savings by pounds 905 million, well above our natural market share. "Since the onset of the credit crunch our retail savings balances have grown by pounds 2,643 million or 32 per cent. "This has enabled the Coventry to fund increased mortgage lending - the overwhelming majority of which remains in low risk categories. "We are in a very strong position and remain confident in our position to meet the challenges of the current market and put our members first." |
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