Kent Reliance Provident Society

Kent Reliance Provident Society
Mutual
Industry Financial services
Founded 2011
Headquarters

Chatham, Kent,

United Kingdom
Key people
 Malcom McCaig
Subsidiaries OneSavings Bank Plc (59.9% share)
Website www.krps.com

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

  1. ↑ "Co-operatives UK- KRPS".
  2. ↑ "Kent Online:Kent Reliance Building Society to become a bank".
  3. ↑ "KRPS:Introduction".
  4. ↑ "KRPS:Your Questions".
  5. ↑ "BBC News: Kent Reliance Building Society unveils banking plan". 3 August 2010.
  6. ↑ "KRPS:Your Questions".
  7. ↑ "KRPS Rewards".


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