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Kent Reliance given permission to become bank

27 January 2011
Written by rosalind renshaw

The FSA has confirmed the transfer of the business of Kent Reliance Building Society to OneSavings plc.

In its statement it refers to “the member” of the society who made representations – suggesting that only one of the 688,000 members can have objected.

The agreement between OneSavings and Kent Reliance is part of the latter’s restructuring deal, backed by US private equity firm JC Flowers, which has invested £50m in the joint venture.

OneSavings will have a 40.1% stake in Kent Reliance Provident Society, with the building society owning the rest.

Last August, Kent Reliance said it would launch a bank subsidiary, whilst retaining its Kent Reliance and KRBS brands. As a bank it will be able to raise capital by issuing shares. 

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