Our business model

Our purpose is to enable our customers to achieve their personal and business goals by providing access to fair financial services.

Brands and heritage

We have a family of specialist lending brands targeting selected segments of the mortgage market underserved by large and medium UK banking institutions, as well as our savings franchises through Kent Reliance, with its 150-year heritage, and the Charter Savings Bank brand.


Our team of highly skilled employees possesses expertise and in-depth knowledge of the property, capital and savings markets, risk assessment and customer management.


We benefit from cost and efficiency advantages provided by our wholly-owned subsidiary OSBIndia as well as credit expertise and mortgage administration services provided by Exact Mortgage Experts.

Relationships with intermediaries

Our strong and deep relationships with mortgage intermediaries that distribute our products continue to win us industry recognition.

Capital strength

We have a strong CET1 ratio and proven capital generation and management capability to support significant loan book growth through profitability.


Sophisticated funding platform

Our key strengths

  • Stable savings funding via Kent Reliance and Charter Savings Bank brands
  • Capital markets expertise with securitisation platforms allowing for programmatic issuance of high quality residential mortgage-backed securities (‘RMBS’)

Statutory retail deposits

  • 2019: £16.3bn
  • 2018: £8.1bn

Strategic priorities

  • Provide cost-efficient funding through a resilient and diversified funding platform to support our future growth
  • Deliver consistently good value savings products to our customers
  • Pursue sophisticated wholesale funding markets and efficient balance sheet management

Group’s funding channels as at 31 December 2019

Retail: 83%

Bank of England: 15%

Wholesale: 2%

17 securitisations since 2013 across OSB and CCFS worth over £5.7bn

2018: 13 securitisations worth £4.2bn

Specialist lending business

Our key strengths

  • Strong levels of mortgage origination
  • Excellent loan performance
  • Award-winning product propositions
  • Strong relationships with intermediaries

Statutory net loans to customers

  • 2019: £18.4bn
  • 2018: £9.0bn

Strategic priorities

  • Be a leading specialist lender in our chosen market segments
  • Retain focus on our complementary underwriting platforms: OSB’s bespoke and manual and CCFS’ automated risk assessment platforms
  • Further deepen relationships and distribution with intermediaries

OSB sub-segments net loans

Buy-to-Let/SME: 83%

Residential: 17%

CCFS sub-segments net loans

Buy-to-Let: 65%

Residential: 29%

Bridging: 3%

Second charge: 3%

Unique operating model

Our key strengths

  • OSBIndia: Best-in-class customer service
  • Exact Mortgage Experts: credit expertise and mortgage administration service
  • Continued, disciplined cost management

Statutory cost to income ratio

  • 2019: 32%
  • 2018: 28%

Strategic priorities

  • Continue to leverage our unique and cost-efficient operating model
  • Leverage deep credit expertise and data analytics of Exact Mortgage Experts
  • Maintain an efficient, scalable and resilient infrastructure

Assets administered by Exact as at 31 December 2019: £9.3bn

2018: £7.8bn (pro forma underlying)

For shareholders

Statutory basic EPS Dividend per share



For customers

OSB customer NPS1 OSB customer retention2



CCFS customer NPS1 CCFS retention2



For intermediaries

OSB broker NPS1 CCFS broker NPS1



For employees

Total number of employees at the end of 2019 Number of Group employees promoted in 2019



For communities

Pro forma underlying sponsorship and donations3



1. OSB customer score relates to Kent Reliance savings customers; CCFS customer NPS relates to Charter Savings Bank customers; OSB broker NPS relates to Kent Reliance brokers and CCFS broker NPS relates to Precise Mortgage brokers.

2. Retention is defined as average maturing fixed contractual retail deposits that remain with the Bank on their maturity date.

3. Includes pre-Combination donations from CCFS.

Our vision is to become our customers’ favourite bank; one that delivers its very best, challenges convention and opens doors that others can’t.

Strong relationships, built on regular engagement with all our stakeholders, are fundamental to achieving this vision, central to the Group’s culture and embedded in the Board’s responsibilities.

The Combination with CCFS extended our stakeholder reach as we added new colleagues, customers, brokers and shareholders. The Board is committed to doing the right thing for all of our stakeholders as they fulfil their duty to promote the success of the Group under section 172 of the Companies Act 2006.

The following pages outline how the OSB Group engaged with its key stakeholders during the year, which includes information on how the Directors have discharged their duty under section 172 of the Companies Act 2006. For More information on how the Directors discharged their duty under section 172 of the Companies Act 2006 is included in the Corporate Governance section of the Annual Report.


We pride ourselves on delivering straightforward and transparent products and propositions to both our borrowers and our savers.

Each time that Kent Reliance savers call or interact with the Bank, we offer them an opportunity to let us know how we did. We listen to them and act upon what they tell us. The feedback that we regularly gather informs and reflects our unique product offering and the excellent customer service we offer. We consistently achieve high satisfaction scores and in 2019 the Kent Reliance customer Net Promoter Score increased to +66.

97% of customers who save via Charter Savings Bank had a good or excellent experience with the Bank1 and the Net Promoter Score increased to +72 in 2019.

Kent Reliance welcomed over 40,000 new savings customers in the year and achieved a retention rate of 91%. Charter Savings Bank had nearly 27,000 new customers join in the year, reflecting our propositions being highly valued in the marketplace, with an 88% retention rate.

The satisfaction scores, retention rates, together with the number of complaints, and how long it took us to resolve them, form part of the management and Board monthly reporting packs, ensuring the visibility of the customer experience to management.

In addition, the Management and the Board engage with customers through the Kent Reliance Provident Society (‘KRPS’) which conducts customer engagement activity studies for OSB. During 2019 KRPS conducted six such studies.


As a result of the Combination with CCFS, we welcomed new investors to OSB Group and some of our existing investors increased their holdings. Even though our shareholder register has changed, our approach to investor engagement has remained straightforward and uncomplicated as we favour an open dialogue.

The Group’s Chief Executive Officer (‘CEO’) and Chief Financial Officer (‘CFO’) are supported by the Investor Relations team and meet with institutional investors and sell-side analysts. The Board’s primary contact with shareholders comes through the CEO and the CFO. The Board is also regularly informed by Investor Relations updates which include shareholders’ feedback, analysts’ recommendations and market views.

The Annual General Meeting is another opportunity for shareholders to engage and it is attended by Board members and Management.

As a result of the Combination with CCFS, the Group conducted a remuneration consultation regarding the Executive Directors during the year, consulting with the top 20 shareholders. This included meetings attended by the then Chairman, Sir Malcolm Williamson, and the new Chairman, David Weymouth, providing an opportunity to discuss not only the proposed remuneration, but also any other topics of interest to our investors.

In 2019, for OSB only, the Investor Relations team met 140 individual investors at one-to-one meetings, industry conferences and roadshows.

Our corporate website contains useful investor information, as well as the Group’s previous results: www.osb.co.uk/investors


All of our lending products, with the exception of funding lines and residential development loans, are distributed via mortgage brokers. Needless to say, mortgage intermediaries are vital to our success.

The unique and consistent lending propositions across all lending brands fulfil our goal of making it easier for intermediaries to serve our borrowers. However, our efforts extend beyond our proposition, as we continuously enhance the service we provide, grow our teams as the number of intermediaries grows and regularly engage with the broker community. Our business development managers listen and work with intermediaries, making themselves available to discuss cases and helping to obtain swift and reliable decisions.

The Board and Management track broker satisfaction scores in monthly Board reporting packs. The Board is also presented with monthly borrowers’ satisfaction scores for both the OSB and CCFS brands and details of complaints.

The OSB Sales team participated in 224 intermediary events and CCFS in 297 during 2019, interacting with brokers and keeping abreast of industry developments and intermediary requirements. The OSB broker NPS score was +27 and the CCFS score was +18 for 2019.


Our people are our key asset, and our success depends on the talented individuals we employ. Following the Combination with CCFS, the talent pool of the combined Group increased and at the end of 2019 we had 1,834 employees.

We have always favoured two-way communication between management and our employees through regular town hall meetings, informal sessions with management and opportunities to ask questions anonymously. These interactions are a source of many initiatives undertaken throughout the business to make the OSB Group the best workplace it can be. We have introduced ‘OneVoice’, a platform for employees to express their ideas and feedback. This increases the level of engagement that employees have with the Board and operates as a formal forum. The forum meets quarterly and representatives from each Group office location gather opinions from employees and feed this back to the Board and Executives.

What our employees think is paramount to us and we also regularly ask for their opinion in Group-wide surveys. Responses from UK employees enabled us to enhance the working experience, resulting in both OSB and CCFS being included in The Sunday Times 100 Best Companies to Work For in 2019. OSB employees also took part in the Banking Standards Board Survey for the third time. OSBIndia was officially certified as a ‘Great Place to Work’ in 2019. Detailed results of these surveys are also discussed by the Board and feature frequently on the Board’s agenda.


The OSB Group cares about the communities in which it is based. Each year, OSB engages with charitable causes in Kent and supports a chosen national charity by taking part in a variety of charitable events and partnerships. CCFS is heavily involved in the West Midlands community and every year supports a chosen local charity. OSBIndia is also active in the community local to the office in Bangalore, as well as in areas where there are critical needs.

In 2019, the combined Group raised £398,0002 for its charity partners and our employees dedicated time in a variety of volunteering activities.

1. Based on the Charter Savings Bank Customer Satisfaction Survey conducted throughout 2019.

2. Includes pre-Combination donations from CCFS.

Our history

Find out more about our history

Specialist lending

Find out more about our specialist lending