Kent Reliance Provident Society
Encyclopedia
Kent Reliance Provident Society (KRPS) is an Industrial and Provident Society
in the United Kingdom
, it is also a member of Co-operatives UK. KRPS currently holds the majority of shares in OneSavings Bank Plc
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. 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]." ,however, this could change in the future if KRPS reduces its stake in OneSavings Bank.
All members of the former Kent Reliance Building Society
became members of KRPS on 1 February 2011.
Industrial and Provident Society
An industrial and provident society is a legal entity for a trading business or voluntary organisation in the United Kingdom, the Republic of Ireland, and New Zealand...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, it is also a member of Co-operatives UK. KRPS currently holds the majority of shares in OneSavings Bank Plc
OneSavings Bank
OneSavings Bank Plc which trades as Kent Reliance Banking Services or krbs.com is a British banking company that has been formed by Kent Reliance Building Society and JC Flowers.-Banking Services:...
following the transfer of the Kent Reliance Building Society
Kent Reliance Building Society
Kent Reliance Banking service, also known as KRBS, was a building society based in Kent, England. Incorporating the Chatham Reliance , Dover District , Herne Bay and Kent & Canterbury , KRBS was the fastest growing building society in the UK between 2003 and 2008 and was a member of the Building...
business to OneSavings Plc on 1 February 2011 and the subsequent renaming of OneSavings to OneSavings Bank Plc. The remaining shares in OneSavings Bank Plc are owned by the private equity firm
Private equity firm
A private equity firm is an investment manager that makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital...
JC Flowers
JC Flowers
J.C. Flowers & Co. is a private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001, is based in New York City and run by billionaire J. Christopher Flowers, a former Goldman Sachs partner....
. 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]." ,however, this could change in the future if KRPS reduces its stake in OneSavings Bank.
All members of the former Kent Reliance Building Society
Kent Reliance Building Society
Kent Reliance Banking service, also known as KRBS, was a building society based in Kent, England. Incorporating the Chatham Reliance , Dover District , Herne Bay and Kent & Canterbury , KRBS was the fastest growing building society in the UK between 2003 and 2008 and was a member of the Building...
became members of KRPS on 1 February 2011.