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UNIONS TO CONVERT£6.5M LOAN STOCK IN UNITY TRUST

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The trade union stakeholders in Unity Trust bank, which include Unison, the TWGU and the GMB, have agreed to conver...
The trade union stakeholders in Unity Trust bank, which include Unison, the TWGU and the GMB, have agreed to convert their outstanding loan stock of£6.5m into equity.

The Financial Times (p10) reports that as a result, Unity's funds have increased by more than£5.5m to almost£20m.

The unions have increased their holding in the bank from 64% to 73% with a corresponding drop in the Co-operative bank's holding from 36% to 27%.

Unity was formed in 1984 by the unions and the Co-operative bank with a£4m capital base. It has grown prudently but for the past three years has paid out an increasing dividend.

In 1998 Unity made a pre-tax profit of£2m, equivalent to 10.1p per share. The main focus of the bank was now to develop stakeholder pensions, encourage credit union development and encourage employee participation.
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