Kent Reliance Provident Society
 | |
| Company type | Mutual |
|---|---|
| Industry | Financial services |
| Founded | 2011 |
| Headquarters | Chatham, Kent, United Kingdom |
Key people | Malcom McCaig |
| Subsidiaries | OneSavings Bank plc (59.9% share) |
| Website | www |
Kent Reliance Provident Society (KRPS) is an industrial and provident society in the United Kingdom, it is also a member of Co-operatives UK.[1] KRPS currently holds the majority of shares in OneSavings Bank Plc[2] following the transfer of the Kent Reliance Building Society business to OneSavings Plc on 1 February 2011 and the subsequent renaming of OneSavings to OneSavings Bank Plc.[3] The remaining shares in OneSavings Bank Plc are owned by the private equity firm JC Flowers. The transfer was narrowly approved by 75.8% of Kent Reliance Building Society's investing members, compared to the 75% required to approve it.
KRPS claims on its website that "...it is in the members' best interests to retain a structure that can allow for continued mutuality (through KRPS), rather than bring about an outright demutualisation [of KRBS].",[4] however, this could change in the future if KRPS reduces its stake in OneSavings Bank.[5]
All members of the former Kent Reliance Building Society became members of KRPS on 1 February 2011.[6]
KRPS Rewards
KRPS Rewards is a cashback and discount club which is free to join for KRPS members.[7]
References
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