Transfer To OneSavings
In July 2010 JC Flowers announced its intention to purchase a stake of Kent Reliance, forming OneSavings Plc. The transfer of the business of the society to OneSavings was approved by a majority of members in November 2010. Kent Reliance Building Society converted into a provident society, Kent Reliance Provident Society, which owns a 59.9% stake in OneSavings Bank, with JC Flowers owning the remaining 40.1%. The transfer became effective on 1 February 2011 and OneSavings Plc was renamed OneSavings Bank Plc.
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“No sociologist ... should think himself too good, even in his old age, to make tens of thousands of quite trivial computations in his head and perhaps for months at a time. One cannot with impunity try to transfer this task entirely to mechanical assistants if one wishes to figure something, even though the final result is often small indeed.”
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