|Type||Public Limited Company|
|Parent||Kent Reliance Provident Society (59.9% share)|
The business of Kent Reliance Building Society was transferred to the new entity, OneSavings Plc, on 1 February 2011 and OneSavings Plc was immediately renamed OneSavings Bank Plc. The transfer was approved by the members of the society in November 2010. Kent Reliance Building Society, in common with other British financial institutions, struggled following the financial crisis and decided to seek new capital to enable it to continue lending. The deal is the first of its kind in the British financial mutual sector. The transfer of assets was approved by 75.8% of investing members voting in favour of the transfer, compared to 75% required to approve the deal. OneSavings Bank currently offer Savings Accounts, Mortgages, ISAs, and a limited Insurance range under the KRBS Brand.
59.9% of the shares in OneSavings are owned by the Kent Reliance Provident Society and 40.1% are owned by JC Flowers. Following the transfer of business in February 2011, the Kent Reliance Building Society was dissolved and its members became members of Kent Reliance Provident Society.
- Kent Reliance's £50m deal to form OneSavings bank - but no windfalls - This is Money
- Kent Reliance boss Mike Lazenby steps down after takeover - Telegraph
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