EBS could be demutualised within 12 months

EBS Building Society, which is now controlled by the state, could be demutualised with the next 12 months.

That will happen if the society reaches agreement with Cardinal Asset Management about a substantial investment in the society.

Such a move would spell the end of the mutual status of the business, with members ending up with nothing for their loyal support of the business since its foundation 75 years ago.