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What is Kent Reliance Provident Society mean?
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.
referencePosted on 14 Nov 2024, this text provides information on Miscellaneous in Academic & Science related to Academic & Science. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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