West Bromwich Building Society will not be swallowed up in a merger or credit crunch takeover deal, its new chief executive Robert Sharpe insisted today.

He spoke out to banish rumours about the building society’s future. Mr Sharpe was associated with four takeovers when he was boss of Portman, leading to the closure of its Wolverhampton-based headquarters.

But he today pledged his long-term future to the West Bromwich, predicting the building society was actually in a position to expand by taking over other groups.

The 59-year-old was appointed earlier this month after the sudden departure of chief executive Stephen Karle, who had enjoyed 14 successful years with the organisation.

Mr Sharpe said today: “If the agenda was to come here and merge West Bromwich with something else, I would not have taken this job.”

Investments in building societies have increased during the credit crunch as people look for safe houses to keep their savings.

Mr Sharpe said the West Bromwich was in a good position to weather the economic storm and that there was a bright future ahead.

The new chief executive spoke as figures released today showed the depth of the downturn in the housing market.

The number of homes changing hands has dived by 53 per cent during the past year.

Just 59,000 residential properties worth more than £40,000 were sold during September, the lowest level since HM Revenue & Customs began issuing figures in this format in 2005.