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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