Reliance Bank
Encyclopedia
Formerly known as The Salvation Army
Bank, Reliance Bank Limited was founded in 1890 by William Booth
. When he needed to attract investments to finance mortgages on property vital to the work of the movement, his response was to set up the Army's own bank.
Today, The Salvation Army Trustee Company and The Salvation Army International Trustee Company still retain sole ownership of the bank and each year receive an equal share of the Bank's allowable profits (a total of 12 million pounds over the last 10 years). It is not only The Salvation Army which relies on the bank, but it is also used by many private customers, as well as other churches, charities
, and businesses.
Reliance Bank's emphasis is on customer care. They are committed to ethical banking
and any investments are made within strict ethical boundaries. Profits are used to further The Salvation Army's evangelical and charitable work; including centres for the homeless, Hospitals, schools, homes for children & the elderly, health and educational programmes.
The Reliance Bank is not a clearing bank and uses the National Westminster Bank
to act as its agents in this respect.
The Bank's logo represents the light of the Holy spirit.
Salvation Army
The Salvation Army is a Protestant Christian church known for its thrift stores and charity work. It is an international movement that currently works in over a hundred countries....
Bank, Reliance Bank Limited was founded in 1890 by William Booth
William Booth
William Booth was a British Methodist preacher who founded The Salvation Army and became its first General...
. When he needed to attract investments to finance mortgages on property vital to the work of the movement, his response was to set up the Army's own bank.
Today, The Salvation Army Trustee Company and The Salvation Army International Trustee Company still retain sole ownership of the bank and each year receive an equal share of the Bank's allowable profits (a total of 12 million pounds over the last 10 years). It is not only The Salvation Army which relies on the bank, but it is also used by many private customers, as well as other churches, charities
Charitable organization
A charitable organization is a type of non-profit organization . It differs from other types of NPOs in that it centers on philanthropic goals A charitable organization is a type of non-profit organization (NPO). It differs from other types of NPOs in that it centers on philanthropic goals A...
, and businesses.
Reliance Bank's emphasis is on customer care. They are committed to ethical banking
Ethical banking
An ethical bank, also known as a social, alternative, civic, or sustainable bank, is a bank concerned with the social and environmental impacts of its investments and loans. Ethical banks are part of a larger societal movement toward more social and environmental responsibility in the financial...
and any investments are made within strict ethical boundaries. Profits are used to further The Salvation Army's evangelical and charitable work; including centres for the homeless, Hospitals, schools, homes for children & the elderly, health and educational programmes.
The Reliance Bank is not a clearing bank and uses the National Westminster Bank
National Westminster Bank
National Westminster Bank Plc, commonly known as NatWest, is the largest retail and commercial bank in the United Kingdom and has been part of The Royal Bank of Scotland Group Plc since 2000. The Royal Bank of Scotland Group is ranked as the second largest bank in the world by assets...
to act as its agents in this respect.
The Bank's logo represents the light of the Holy spirit.