Welcome to OneSavings Bank

Specialist, flexible, personal

 
GET TO KNOW US

OUR BUSINESS

OneSavings Bank is made up of a family of specialist financial services businesses.

Kent Reliance and krbs are UK trading brands of OneSavings Bank plc. These brands maintain a link to our great history through Kent Reliance Building Society of financial products to the people of Kent for over 150 years and more recently the whole of the UK.
InterBay Commercial is a specialist commercial mortgage lender offering outstanding service and customer tailored solutions.
Prestige Finance is a specialist provider of secured loans. The company is now part of the OneSavings Bank plc group having been acquired in September 2012.
We have been providing residential and Buy to Let mortgage products to the people of Jersey since 2002.
GHL is our subsidiary on Guernsey We have been providing residential and Buy to Let mortgage products to the people of Guernsey since 2005.
Reliance Property Loans administers books of mortgages acquired by OneSavings Bank plc, it does not provide new products to customers.
Easiprocess is our wholly owned Indian subsidiary which provides back office support for the group's operations.
Heritable Development Finance is an established lender financing predominantly residential property developments for experienced property developers.

ABOUT US

INTRODUCTION

OneSavings Bank plc is a fast-growing specialist lender and retail savings group with a balance sheet of over £3bn.

The OneSavings Bank group is recognised as a specialist lender offering residential, buy to let and commercial mortgages, secured loans and development finance funded by a retail customer proposition based upon the provision of good value long and short term savings. OneSavings Bank operates through its market leading brands, Kent Reliance, InterBay Commercial, Prestige Finance and Heritable Development Finance. We enjoy long term relationships with our customers, delivering consistently high customer satisfaction scores, enabling us to maintain a strong retail funding base.

OUR BOARD OF DIRECTORS

Mike Fairey, Non-Executive Chairman
Mike joined OneSavings Bank in 2014. He is an extremely experienced banking executive. In a career spanning more than 40 years, he has held a range of senior positions. For 10 years, until 2008, he was Deputy Chief Executive of Lloyds Banking Group. Currently, he holds a number of non-executive positions, including the chairmanship of APR Energy. He is also the Chairman of the Trustees of the Lloyds TSB Pension Funds.
Andy Golding, Chief Executive Officer
Andy has over 25 years’ experience in financial services and has held senior positions at NatWest, John Charcol and Bradford & Bingley. Prior to joining OneSavings Bank he was the CEO of Saffron Building Society, where he had been since 2004. He holds a number of positions with industry institutions including membership of the Building Societies Association's Council and the Council of Mortgage Lenders Executive Committee. He is also a Director of the Building Societies Trust and has also served as a Non-Executive Director for Northamptonshire NHS. Andy is passionate about simplicity and fairness in financial services and is a published author on the subject of financial education.
April Talintyre, Chief Financial Officer
April Talintyre, joined OneSavings Bank as Finance Director in May 2012. Prior to joining the Bank she worked for Goldman Sachs International for over 16 years, most recently as an Executive Director in the Rothesay Life pensions insurance business and prior to that as an Executive Director in the Controllers division in London and New York. April began her career at KPMG in a general audit department. She has been a member of the Institute of Chartered Accountants in England and Wales since 1992.
Malcolm McCaig, Non-Executive Director
Malcolm joined Kent Reliance in 2009. He was Chairman of the Kent Reliance Building Society and later Kent Reliance Provident Society. Malcolm has worked extensively in the financial services sector. He was a Partner at both Ernst & Young and Deloitte, and has held senior management positions at Prudential, National Australia Bank and CIGNA. His Non-Executive Director portfolio includes Unum, Punjab National Bank (International) Ltd, Renaissance Capital and Crest Nicholson.
Tim Hanford, Non-Executive Director
Tim joined Kent Reliance in 2010. Tim is Managing Director of J.C. Flowers & Co. UK Ltd. Prior to his role at JCF, he was Head of Private Equity at Dresdner Bank and a member of the Institutional Restructuring Unit's Executive Committee. Tim has also served as a Board Director of Schroders, based in Hong Kong and Tokyo, where he was responsible for structured finance. He holds an MS from Stanford University's Graduate School of Business, where he was a Sloan Fellow and a BSc in Chemical Engineering from Birmingham University.
Dr. David Morgan, Non-Executive Director
Dr Morgan joined Kent Reliance in 2010 and remained on the board after the business was transferred to Medway. Dr Morgan became the managing director in charge of J.C. Flowers & Co for Europe and Asia Pacific in December 2009. From 1999 to 2008, he served as chief executive officer of Westpac Banking Corporation, a global top 20 bank. Prior to joining Westpac, Dr Morgan was the Senior Deputy Secretary of the Australian Federal Treasury. Dr Morgan was Chairman of the Australian Bankers Association from 2006 to 2007. In 2009, Dr Morgan was awarded an Order of Australia in the Australia Day Honours by the Federal Government for his service to the finance sector. This recognised his role as a leader in the development of policies affecting the regulation of financial institutions, corporate social responsibility and economic reform.
Rod Duke, Non-Executive Director
Rod joined OneSavings Bank in 2012. He was formerly a Group General Manager, HSBC with responsibility for UK distribution - branches, call centres and internet banking - for both personal and commercial customers. Rod was with HSBC for 33 years and has extensive experience across retail and commercial banking. Previous directorships include VISA(UK), HFC Bank plc and HSBC Life. He also served on the board of Alliance & Leicester plc until its takeover by Santander. Rod is a Fellow of the Institute of Financial Services.
Stephan Wilcke, Non-Executive Director
Stephan joined Kent Reliance in 2011. He is on the General Council of the Hellenic Financial Stability Fund, is a member of the Financial Services Commission of Jersey and is a member of the Board and Investment Committee of EMF Capital Partners Ltd. Stephan was previously Chief Executive Officer of the Asset Protection Agency (APA), an executive arm of HM Treasury. Prior to this he advised various central banks on difficult situations created by the credit crunch. He was also a partner and Head of European Financial Services at Private Equity firm Apax Partners. Stephan started his career at management consultancy Oliver Wyman where he progressed to partner level.
Mary McNamara, Non-Executive Director
Mary joined OneSavings Bank in 2014. She was CEO of the Commercial Division and Board Director of the Banking Division at Close Brothers Group PLC, responsible for the Asset, Invoice and Leasing businesses in the UK and overseas from 2010 to 2013. Mary spent a year as COO of Skandia, the European arm of Old Mutual Group and prior to that, 17 years at GE Capital, running a number of businesses including GE Fleet Services Europe and GE Equipment Finance. Mary is Chair of Governors of the Leasing Foundation.
Graham Allatt, Non-Executive Director
Graham joined OneSavings Bank in 2014. He is a senior commercial and retail banker who worked in credit and risk roles at a number of the UK’s major banks for 30 years including being Acting Group Credit Director at Lloyds TSB and Chief Credit Officer at Abbey National. Prior to this he spent 18 years in the NatWest Group culminating in the role of Managing Director, Credit Risk at NatWest Markets. A qualified Chartered Accountant, Graham is on the finance committee of the British Library and was involved in housing associations for nearly 30 years as Treasurer and Board member in the North of England and in London.
Nathan Moss, Non-Executive Director
Nathan joined OneSavings Bank in 2014. He was Group Strategy Director at Friends Life from 2010 to 2013 and responsible for group strategy, business development and innovation. A business development and marketing specialist Nathan joined Scottish Widows in 2002 as Managing Director, Marketing & Distribution before becoming Managing Director of Wealth Management at Lloyds TSB Group in 2007, responsible for strategy and business performance. Prior to this he spent 18 years with HSBC Group including 4 years as General Manager, Personal Financial Services and culminating as COO of Merrill Lynch HSBC, being responsible for the creation and launch of the global joint venture. Nathan has a degree in Industrial Economics from Nottingham University, and an MBA (Distinction) from Manchester Business School and is currently a Non- Executive Director of Homeserve Membership Ltd.

OUR EXECUTIVE TEAM

Zoe Bucknell, Group General Counsel and Company Secretary
Zoe is a qualified Solicitor and Company Secretary with over 16 years broad financial services industry experience gained within a range of businesses from "magic circle" law firm (Linklaters), to innovative start up (Salaam Halal Insurance) to Multinational FTSE 250 group (Hiscox). Prior to joining OneSavings Bank, Zoe was Legal and Compliance Director at Salaam Halal Insurance and has held senior roles in the Lloyds Insurance Market and Hiscox Plc.
Jens Bech, Commercial Director
Jens joined OneSavings Bank from the Asset Protection Agency (APA), an executive arm of HM Treasury, where he held the position of Chief Risk Officer. Prior to the APA, Jens spent nearly a decade at management consultancy Oliver Wyman where he advised a global portfolio of financial services firms and supervisors on strategy and risk management. Jens led Oliver Wyman's support of Iceland during the financial crisis.
John Eastgate, Sales & Marketing Director
Despite graduating from university with an electrical engineering degree, John has spent his entire career in the financial services industry and now has over 20 years’ experience with banks, building societies and related consultancy partners. Prior to joining OneSavings Bank, John was Sales & Marketing Director at Saffron Building Society and he previously held senior roles at Experian and Barclays.
Clive Kornitzer, Group Chief Operating Officer
Clive has over 20 years of Financial Services Experience. Having worked at several financial organisations from Yorkshire Building Society, John Charcol and Bradford and Bingley prior to joining OneSavings Bank he spent six years at Santander where he was the Chief Operating Officer for their intermediary mortgage business. He has also held positions at EFMA and is the Chair of the FS Forums Retail Banking Sub Committee. He recently became a fellow of the Chartered Institute of Bankers.
Richard Davis, Chief Technology Officer
Richard has worked for 20 years in Financial services rising to Chief Information Officer at GE Money UK in 2004. He subsequently helped launch MoneyPartners (an Investec subsidiary) as IT Director, through to the eventual sale to Goldman Sachs. Prior to joining One Savings Bank, Richard worked for 4 years at Morgan Stanley covering IT, Projects and Transaction Management for the European Residential business as an Interim Director.
Richard Wilson, Chief Credit Officer
Richard joined OneSavings Bank in January 2013. 2014 represents Richard's 25th year in financial services the first 18 of which were spent in a variety of credit and operations roles at the Yorkshire Building Society. Richard left the Yorkshire to head up the credit function for Morgan Stanley's UK origination business and subsequently looked after Credit and Collections strategy within their UK, Russian and Italian businesses.
Mark Paskowitz, Chief Risk Officer
Mark joined OneSavings Bank in 2012 as Deputy CRO, moving into the CRO role in 2014. Prior to that, he worked as a Director at the Asset Protection Agency, a management consultant at Oliver Wyman focusing in finance and risk, an aerospace engineer at Boeing, and a marketing consultant to the wine industry. He holds an MBA from London Business School as well as an MS/BS in Applied Mechanics and BA in Economics from the University of California, San Diego.

OUR HISTORY

OneSavings Bank was formed in 2011 following the recapitalisation of the Kent Reliance Building Society by funds advised by J.C. Flowers & Co. LLC and is based in Chatham, Kent. The Group trades under the Kent Reliance, InterBay, Prestige and Heritable brands in the UK and under the Jersey Home Loans and Guernsey Home Loans brands in the Channel Islands.

The Group focuses on developing strong positions in selected sub-sectors of the lending market where opportunities have been identified for both high, risk-adjusted returns and strong growth. The Group's specialist segments include Residential Mortgages (comprising bespoke first charge, second charge and shared ownership mortgages) and Buy-to-let/SME. The Group is predominantly funded by its Kent Reliance retail savings franchise.

Whilst it is a new name, OneSavings Bank has over 150 years of heritage as Kent Reliance, which can trace its roots to 1847.

OneSavings Bank listed on the London Stock Exchange in June 2014.



INVESTOR RELATIONS

INTRODUCTION

OneSavings Bank listed on the main market at the London Stock Exchange in June 2014.

OneSavings Bank was formed in 2011 following the recapitalisation of the Kent Reliance Building Society by funds advised by J.C. Flowers & Co. LLC and is based in Chatham, Kent. The Group trades under the Kent Reliance, InterBay, Prestige and Heritable brands in the UK and under the Jersey Home Loans and Guernsey Home Loans brands in the Channel Islands.

With a balance sheet in excess of £3bn the Group focuses on developing strong positions in selected sub-sectors of the lending market where opportunities have been identified for both high, risk-adjusted returns and strong growth. The Group is predominantly funded by its Kent Reliance retail savings franchise.

In addition to its main equity listing, OneSavings Bank has perpetual subordinated bonds listed on the London Stock Exchange.

SHARE PRICE

REPORT AND ACCOUNTS

OneSavings Bank plc ("OSB"), the specialist lending and retail savings group, announces its interim results for the six months ended 30 June 2014.

Interim results for six months ended 30 June 2014:

Financial highlights
  • Underlying profit before taxation1 increased fourfold to £29.7m (1H 2013: £7.3m2)
  • Net interest margin3 improved by 121bps to 282bps (1H 2013: 161bps) driven by high-margin new lending and a continued reduction in funding costs
  • Loans and advances grew by 13% in the first half of 2014 to £3.4bn (FY 2013: £3.0bn) due primarily to a significant increase in new lending in the BTL/SME segment
  • Total assets grew by 12%, in line with the increase in loans and advances, to £4.2bn (FY 2013: £3.8bn)
  • Common equity tier 1 (‘CT1’) capital ratio4 strengthened to 11.0% (FY 2013: 8.4%)
  • Underlying return on equity5 up 10 percentage points to 30% (1H 2013: 20%)
  • Underlying EPS6 rose 83% to 11 pence per share (1H2013: 6 pence per share)
Operational/Corporate highlights
  • Strong income growth and continued focus on cost control drive continued reduction in cost : income ratio7 to 29% (1H 2013: 47%)
  • Net Promoter Score remains high at 33.5% (1H 2013: 30.6%)
  • Continued strong loan to deposit ratio of 94% (FY 2013: 93%) with growth in loans and advances funded by retail deposits
  • Strong growth in total new lending up 78% to £649m (1H 2013: £364m)
  • Successfully completed IPO at 170 pence per share in June 2014, raising £41.5m of gross primary proceeds generating £35.8m of new CT1 capital to support growth in the business
  1. Before exceptional IPO expenses of £5.6m in first half 2014 and after deduction of coupons on equity PSB’s of £0.7m in each period
  2. Restated due to a change in accounting policy for FSCS levies in light of IFRIC 21’s interpretation of IAS 37
  3. Net interest income, less coupons on perpetual subordinated bonds (‘PSB’s’) classified as equity, as a percentage of average interest bearing assets, on an annualised basis
  4. Under Basel III CRDIV with 31 December 2013 estimated
  5. Underlying profit after taxation (profit after taxation excluding exceptional IPO expenses, including the tax effect, of £4.9m in first half 2014 and after deducting coupons on equity PSB’s of £0.7m in each period) as a percentage of average shareholders’ equity (excluding equity PSB’s of £22m) on an annualised basis
  6. Underlying profit after taxation divided by the weighted average number of ordinary shares
  7. Administrative expenses as a percentage of total income after deduction of coupons on equity PSB’s

PSBS AND SECURITISATION

Our treasury activities include securitisation and the issuing of Perpetual Subordinated Bonds (PSBs).

SECURITISATION SECURITISATION
Rochester Financing No. 1 plc
Transaction Documents
View and download all transaction documentation
  
Investor Reporting
Our investor reports and loan level data in relation to Rochester Financing No. 1 plc is held with the US Bank Trust Gateway Portal

SECURITISATION PERPETUAL SUBORDINATED BONDS
Cash Flow Modelling
A user guide for scenario generation, which is required in the model, can also be found in the Global ABS Portal

Please note that you must be registered with the Global ABS Portal in order to use the cash flow functionality.

We have issued the following bonds:
• 7.875% Perpetual Subordinated Bonds
• 6.591% Perpetual Subordinated Bonds
Our registrars are Equiniti Download the Bond Prospectus

ONESAVINGS BANK PLC - INITIAL PUBLIC OFFERING

These materials are not directed at or accessible by persons in the United States, Australia, Canada or Japan.

This is an advertisement and not a prospectus. If OneSavings Bank undertakes a flotation in the future, a prospectus will be produced and made available on osb.co.uk. Any decision to apply for shares in OneSavings Bank should be based on that prospectus.

For regulatory purposes, please answer the following question.


PILLAR 3 AND CRDIV COUNTRY BY COUNTRY (‘CBCR’) DISCLOSURE

FINANCIAL EVENTS CALENDAR



Date Event
5 November 2014 Interim Management Statement
17 March 2015 Full Year Preliminary Results

REGISTRARS



Registrar - address for shareholder communications
Please address all questions and communication to:
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA

Phone: Registration queries - 0871-384-2701
(calls to this number cost 8 pence per minute plus network charges)
Caller from outside the UK please use - +44 121-415-7047

Lines are open from 8.30am to 5.30pm (UK time), Monday to Friday - excluding Bank Holidays.

CORPORATE GOVERNANCE

OneSavings Bank strives for the highest standards of corporate governance and complies with the UK Code on Corporate Governance.

The Board operates within written terms of reference. It has appointed and authorised a number of committees to manage aspects of the Group’s affairs. Each committee operates within an established written terms of reference each committee reports directly to the Board. Download the terms of reference from the links below

Download the Corporate Governance review Download the Terms of Reference for the Board Download the Nomination Committee Terms of Reference May 2014 Download the Remuneration Committee Terms of Reference November 2013 Download the Risk Committee Terms of Reference May 2014 Download the Audit Committee Terms of Reference May 2014



NEWS CENTRE

RIS Announcement 14th July 2014
OneSavings Bank plc: Perpetual Subordinated Bonds - Interest Rate Reset
RIS Announcement 14th July 2014
OneSavings Bank plc: Perpetual Subordinated Bonds - Interest Rate Reset
RIS Announcement 14th July 2014
OneSavings Bank plc: TR-1 Notification of Major Interest in Shares
RIS Announcement 8th July 2014
OneSavings Bank plc: TR-1: Notification of Major Interest in Shares
RIS Announcement 7th July 2014
OneSavings Bank plc: Post Stabilisation Notice
RIS Announcement 27th June 2014
OneSavings Bank plc: Directors Dealings
RIS Announcement 24th June 2014
OneSavings Bank plc: Appointment of Corporate Brokers
RIS Announcement 12th June 2014
OneSavings Bank plc: TR-1: Notification of Major Interest in Shares
RIS Announcement 11th June 2014
OneSavings Bank plc: TR-1: Notification of Major Interest in Shares
RIS Announcement 10th June 2014
OneSavings Bank plc: Admission to trading on the London Stock Exchange
RIS Announcement 5th June 2014
OneSavings Bank plc: Publication of Prospectus
5th June 2014
OneSavings Bank plc: Prospectus
RIS announcement 5th June 2014
OneSavings Bank plc: Announcement of Offer Price
RIS announcement 5th June 2014
OneSavings Bank plc: Pre-Stabilisation Notice
RIS announcement 19th May 2014
OneSavings Bank plc: Changes to share capital and constitution
RIS announcement 15th May 2014
OneSavings Bank plc: Announces appointment of Non-Executive Director
RIS announcement 14th May 2014
OneSavings Bank plc: Appointment of two independent Non-Executive Directors
RIS announcement 7 May 2014
OneSavings Bank plc: Announcement of Intention to Float on the London Stock Exchange
RIS announcement 2 May 2014
OneSavings Bank plc: Amendment to Articles
RIS announcement 2 May 2014
OneSavings Bank plc: Retirement of Directors
RIS announcement 28 April 2014
OneSavings Bank plc: Regulatory consent to Change of Control
RIS announcement 1 April 2014
OneSavings Bank plc: Appointment of Chairman
RIS announcement 31 March 2014
OneSavings Bank plc: Amendment to Articles
RIS announcement 14 March 2014
OneSavings Bank plc: Final Results for the 12 Months Period ended 31 December 2013
RIS announcement 16 August 2013
OneSavings Bank plc: Interim group results for the six months ended 30 June 2013
RIS announcement 26 March 2013
OneSavings Bank plc: Final results for the 12 months period ended 31 December 2012
RIS announcement 29 August 2012
OneSavings Bank plc: Interim group results for the six months ended 30 June 2012
RIS announcement 28 March 2012
OneSavings Bank Plc: Final results for the 11 months period ended 31 December 2011
RIS announcement 31 August 2011
OneSavings Bank plc: Interim results for the period ended 30 June 2011 and Capital Injection by B Shareholder
Load more articles
 

CORPORATE REPONSIBILITY

How our customers feel about the Group is something the Board takes seriously. The Kent Reliance Provident Society plays an important role for the Group, acting as the eyes, ears and voice of the Bank’s customers and helping us to shape our product and service offering in a way that meets the needs of both savers and borrow

We track a number of customer satisfaction metrics including our Net Promoter Scores to understand how well we are doing and help identify areas for change. This is currently greater than 30%.

The Banking Group makes charitable donations to community groups including supporting grass roots football through the Kent Football Association, the Demelza Hospice and campaigns in Kent, its head office region. The Bank has also continued its support for Great Ormond Street Children’s Hospital, through a co-branded savings offering under which the Bank has made commission payments to the hospital in excess of £50,000 over the past two years. These things are important and help connect a business to the community.



CONTACT US

If you’d like more information on OneSavings Bank and the OneSavings Bank group of companies, please contact Alastair Pate.

By phone 01634 838973 9am-5pm, Monday to Friday (excluding bank holidays).
By post
Kent Reliance
Reliance House
Sun Pier
Chatham
ME4 4ET
CAREERS

At OneSavings Bank we are constantly on the look-out for bright and ambitious people looking for worthwhile careers at various locations in Kent, London and overseas. Below you can find links to some of the careers opportunities available within the group

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OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registered number 530504). We subscribe to the Financial Services Compensation Scheme and the Financial Ombudsman Service.