The Woolwich Equitable Building Society (later Woolwich Building Society or The Woolwich) was a British financial services company founded in Woolwich in 1847 and remained a local institution until after the First World War when it began a modest regional expansion. This accelerated after the Second World War and the period from 1960 was notable for its acquisitions. Following deregulation, the Society diversified and became one of the largest national building societies.
In 1997 it demutualised and became Woolwich PLC. The company was listed on the London Stock Exchange. It was once a constituent of the FTSE 100 Index but was acquired by Barclays in 2000.
History
Early history
The origins of the Woolwich lay in an earlier terminating society, based in the local Castle Inn and chaired by the publican. In 1847 a breakaway group met to form the Woolwich Equitable Benefit Building and Investment Society (later reduced to the Woolwich Equitable Building Society). That the active founders of the new society included the pastor of the Salem Chapel and a Sunday School teacher may indicate the reason for the breakaway. The first meeting was held in the parlour of a “modest house” of Benjamin Wates, a local draper.