The Woolwich - CCC Financial |
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The Woolwich The optimism in the years following World War One were reflected in the growth of the Woolwich, and the first branch was opened in Cheapside, London in 1923. Following the development boom of the '30s, the Woolwich was able to expand rapidly and by 1933 was the third largest building society in the country with assets of £38m. The Woolwich By 1935, the Woolwich had opened its new headquarters, Equitable House, in General Gordon Square in Woolwich. This was temporarily moved to Pilgrim House in Westerham in Kent at the outbreak of World War Two. The Woolwich Growth continued during the 1940s and '50s with the now common employment of female staff as well as male. The first office in Scotland opened in Edinburgh in 1941 and by 1954, assets reached £100m. The Woolwich The 1960's saw the transformation of the Woolwich into a modern financial services institution, with the opening of a new administration centre in Bexleyheath, Kent to house its first mainframe computer, an IBM 360/30. The Woolwich leads the Way Corporate CHQ By 1970, half of all UK families owned their own homes and the strong demand for mortgages enabled the Woolwich to establish itself as a truly national building society, with high street branches throughout the UK As the wind of change began to gather strength, the Woolwich became the first financial institution to network its branches, using countertop on-line terminals linked to the central mainframe in Bexleyheath The 1970's also saw the launch of the Society's landmark TV advertising campaign, which firmly fixed the "I'm with the Woolwich" phrase into the imagination of the public. In 1983, the Woolwich became one of the first societies to raise money in the London Money Market by issuing Certificates of Deposit. Between 1984 and 1986, Woolwich had acquired four smaller building societies before merging with the Gateway Building Society in 1988, boosting assets to £13,000m. Deregulation in the mid-1980s enabled building societies to compete in many new areas that had previously been the traditional preserve of the banks and insurance companies. The Woolwich took a lead in this through diversification into new areas, and developed several subsidiary companies including Woolwich Independent Financial Advisory Services In 1989, the Woolwich Headquarters moved from Equitable House in Woolwich to a new Corporate Headquarters in Watling Street, Bexleyheath, Kent. Up to Flotation The late 1980's and the 1990's saw a number of subsiduary operations launched, offering a wide range of services including life assurance (Woolwich Life), unit trusts (Woolwich Unit Trust Managers), estate agency (Woolwich Property Services - subsequently sold in November 1998), insurance (Woolwich Insurance Services) and direct sales (Woolwich Direct). Abroad, the Woolwich has established banks in Italy (Banca Woolwich) as well as an offshore investment arm in Guernsey (Woolwich Guernsey). During this time, the Woolwich took over the Town and Country Building Society, dropped the 'Equitable' from its name, and also became the first major financial institution to be recognised as an 'Investor in People'. The summer of 1997 saw a major change for the Woolwich when it floated on the London Stock Exchange as Woolwich plc, converting from a mutual building society to a public limited company. Subsidiaries Woolwich Life Assurance Company Limited Formed in 1990 it is a 90/10 joint venture with the Royal and Sun Alliance. It markets a range of mortgage related products from mortgage endowment policies to life assurance products for repayment mortgages. It also offers critical illness cover and a savings bond product. Woolwich Insurance Services Limited WIS acts as an independent general insurance intermediary for household, motor and other personal insurance. It is a joint venture operation with Legal and General. Woolwich Unit Trust Managers Limited Launched in 1991, WUTM offers simple unit trust projects with innovative dealing facilities that enable customers to buy and sell units on the spot in Woolwich branches. It is now a major force in the equity based savings markets with over 150,000 customers and in excess of £800 million of funds under management. Woolwich Independent Financial Advisory Services Limited Founded in 1989 this company specialises in providing independent financial planning advice. It has a team of financial advisors able to offer guidance on the available range of financial services. Ekins - Woolwich Surveying Services Limited Woolwich Surveying Services trades as Ekins. Established in 1993 it brought together the separate surveying operations of EKINS the Woolwich and Woolwich Property Services. Today, Ekins is one of the UK's largest firms of specialist residential surveyors. Banca Woolwich SpA The bank in Italy was the Group's first European subsidiary and was a start-up venture. Banca Woolwich distributes mortgage loans primarily through intermediaries which are administered via its regional centres in Milan and Rome. The Woolwich |
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