Kent Reliance members approve JC Flowers deal

At the special general meeting held on 19 November in Tonbridge, Kent, 75.80% of eligible shareholding members voted in favour of the proposal, more than the 75% majority required. In addition, 80.15% of borrowing members supported the proposal, which was well above the 50% majority required. The deal will see Kent Reliance Building Society transfer all its business, assets and liabilities to a new bank called OneSavings Plc in February next year. This will operate under a parent industrial and provident society. The transfer will be immediately followed by a £50m cash injection fr...