OSB Group
OSB GROUP PLC (‘OSB Group’), formerly OneSavings Bank, is a specialist financial services company headquartered in Kent, England, which provides retail savings accounts and mortgages, as well as commercial mortgages and asset finance. The group is comprised of seven different lending brands, as well as two retail savings banks.
Mortgages are originated via specialist brokers and independent financial advisers through its specialist lending brands including Kent Reliance for Intermediaries, Precise Mortgages and InterBay Commercial. It targets specialist mortgage market sub-sectors including buy to let, complex commercial and semi-commercial, development finance, near prime, large loan and second-charge residential lending, Help to Buy and shared ownership, bridging loans and asset finance.
A variety of savings accounts (including limited edition bonds and ISAs) can be accessed through Kent Reliance and Charter Savings Bank. As well as online services, Kent Reliance also operates a network of physical branches across the South East, while Charter Savings Bank operates online and postal accounts.
History
Kent Reliance
Kent Reliance, a banking services provider operating under a trading name of OneSavings Bank plc, was founded in 1898 as the Chatham & District Reliance Building Society, changing its name to the Kent Reliance Building Society (KRBS) in 1986 following a merger with the Herne Bay Building Society.
By the end of the 1980s property boom, assets had reached £200m and investors totalled 50,000, and by the mid-1990s there were 20 agencies complementing its 12 branches. By 1998, the Society’s centenary year, and the end of the official history, assets had reached £250m and Kent Reliance ranked 38 out of 79 building societies.[1]
KRBS was the fastest growing building society in the UK between 2003 and 2008 and was a member of the Building Societies Association. The dramatic growth of KRBS was driven in part by the establishment in 2002 of a wholly owned subsidiary, Jersey Home Loans Limited, to buy the Jersey mortgage business of Standard Chartered Grindlays Bank Ltd.[2] By September 2008, this subsidiary had mortgages on its books of over £700 million.[3]
Kent Reliance is also notable as the only member of the UK building society sector to have offshored administrative work to India, via its wholly owned subsidiaries, Easiprocess and EasiOption.
OneSavings Bank
In July 2010, JC Flowers announced its intention to purchase a stake in Kent Reliance[4][5], forming OneSavings plc. The transfer of the society’s business to OneSavings Bank was approved by a majority of members in November 2010.[6] Kent Reliance Building Society converted into a provident society, Kent Reliance Provident Society, which owned 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[6]
In August 2012, the company acquired InterBay Commercial, a specialist commercial and buy to let mortgage lender, established in 2006.[7] In September 2012 the company acquired Prestige Finance, a secured loan provider.[8]
In April 2014, OneSavings Bank established Heritable Development Finance, a joint venture with Heritable Capital, formed to provide financing predominantly for residential property developments for experienced property developers.[9]
In 2018, the Bank established a new division, InterBay Asset Finance, which offers hire purchasing, leasing and refinancing to SMEs and corporate entities.
OneSavings Bank was the subject of an initial public offering in May 2014.[10]
OneSavings Bank’s wholly owned subsidiaries in India, Easiprocess and EasiOption, were incorporated into OneSavings Bank and thereafter became known as OSBI.
OneSavings Bank was listed on the London Stock Exchange in June 2014 and is a constituent of the FTSE 250 Index. It is authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
Charter Court Financial Services
Charter Court Financial Services Group plc (Charter Court) was established with long-term investment provided by Elliott Associates LP and Elliott International LP, to provide credit consultancy and mortgage administration services for pools of mortgage loans owned by third parties in 2008.
In 2009, after working for nearly a year on building and testing its mortgage origination and servicing platforms, Charter Court obtained permission from the Financial Services Authority (now Financial Conduct Authority) to act as an authorised mortgage administrator. Charter Court was granted permission by the Financial Services Authority (now Financial Conduct Authority) to act as an authorised mortgage lender in October 2010.
In January 2015, Charter Court obtained its banking licence from the Prudential Regulatory Authority, putting it among the first new banks in the UK to be granted a licence since the onset of the global financial crisis. This was followed in March 2015 by the launch of Charter Savings Bank as an online retail savings bank.[11]
In September 2017, Charter Court successfully conducted an initial public offering and on 4 October 2017 it obtained a premium listing on the main market of the London Stock Exchange.[12]
OSB Group
On 4 October 2019, OneSavings Bank plc acquired Charter Court Financial Services Group plc (CCFS) and its subsidiary businesses. On 30 November 2020, a new holding company, OSB GROUP PLC, was introduced above OneSavings Bank, and this became the parent company and the listed entity within the OSB Group.
Charter Court Financial Services and OneSavings Bank continue to operate separate banking licences.
Operations/Structure
OSB Group is made up of a number of specialist financial services businesses, including:
- Kent Reliance for Intermediaries
- Precise Mortgages
- InterBay Commercial
- Kent Reliance
- Charter Mortgages
- Charter Savings Bank
- Prestige Finance
- Heritable Development Finance
- InterBay Asset Finance
- Exact Mortgage Experts
It's also notable that administrative work is offshored to India, via its wholly owned subsidiaries, Easiprocess and EasiOption (now known as OSBI).
Products and services
Lending
Buy to let (including SMEs/HMOs and MUFBs) – Kent Reliance for Intermediaries, Precise Mortgages and InterBay Commercial
Residential (including shared ownership and Help to Buy) – Kent Reliance for Intermediaries and Precise Mortgages
Second charge – Precise Mortgages
Commercial and semi-commercial – InterBay Commercial
Bridging – Precise Mortgages
Asset finance – InterBay Asset Finance
Savings
Online savings accounts, bonds and ISAs – Kent Reliance and Charter Savings Bank
Branch services – Kent Reliance
Board
As of 1 February 2021 the Board comprises:
- David Weymouth, Chairman
- Andy Golding, Chief Executive Officer
- April Talintyre, Chief Financial Officer
- Noël Harwerth, Senior Independent Director
- Graham Allatt, Non-Executive Director
- Mary McNamara, Non-Executive Director
- Rajan Kapoor, Non-Executive Director
- Sarah Hedger, Non-Executive Director
References
- ↑ Peter E Firth, A Safe Haven The centenary History of Kent’s Largest Building Society, 1998, Chatham
- ↑ "Kent Reliance agrees Jersey mortgage book sale". Retrieved 7 November 2008
- ↑ "KRBS Annual Report & Accounts 2009" (PDF). Kent Reliance Building Society. Archived from the original (PDF) on 20 January 2010. Retrieved 13 February 2010.
- ↑ Simon, Emma (12 July 2010). "Kent Reliance: your questions answered". The Daily Telegraph. Retrieved 12 July 2010.
- ↑ "Kent Reliance and JC Flowers in joint venture talks". BBC News. 12 July 2010. Retrieved 12 July 2010.
- ↑ "Kent Reliance to transfer funds to OneSavings". FT. 13 October 2010. Retrieved 22 April 2017.
- ↑ "InterBay Commercial acquired by OneSavings Bank". Mortgage Strategy. 13 June 2012. Retrieved 22 April 2017.
- ↑ "OneSavings Bank Acquire Prestige Finance". Financial Supporter. 19 September 2012. Retrieved 22
- ↑ "Heritable Capital and OneSavings Bank joint venture". Ingram Winter Green. 22 April 2014. Retrieved 22 April 2017.
- ↑ "OneSavings Bank to raise £41m in IPO". Guardian. 4 May 2014. Retrieved 13 June 2015.
- ↑ "Charter Savings Bank enters UK retail banking fray". FT. 7 January 2015. Retrieved 3 March 2018
- ↑ "Charter Court Financial Services is set to announce plans for £500m float in London". City AM. 3 September 2017. Archived from the original on 3 March 2018. Retrieved 3 March 2018.
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