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Kent Reliance transfers business to bank

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  • 25/01/2011
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The FSA has confirmed the transfer of business of Kent Reliance Building Society to a new bank, OneSavings plc.

The regulator’s confirmation was a vital step in Kent Reliance’s plans, which will see the bank operate as a wholly-owned subsidiary of a new industrial and provident society called the Kent Reliance Provident Society.

The transfer forms part of Kent Reliance’s deal with American private equity firm JC Flowers to invest £50m in the firm to fund its growth and strengthen its capital base. In return, JC Flowers will hold a 40.1% stake in the business.

OneSavings, which the lender says will be run under mutual principles, will trade under the names Kent Reliance, Kent Reliance Banking Services and krbs.

As part of its expansion plans, Kent Reliance has also announced it is to open seven new agencies at the beginning of February in Devon Bristol, Plymouth, Somerset and West Sussex.

Read the FSA’s written decision here.

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