2 Jul 2012 07:00
Date: 2 July 2012
On behalf of: OneSavings Bank Plc ("the Bank")
Embargoed until: 0700hrs
OneSavings Bank Plc
Capital Injection by B Shareholder
OneSavings Bank Plc, the mutual Bank, announces it has issued 900 Ordinary shares and 489,340 preference shares for a total consideration of £15,000,000 to JC Flowers. The planned capital injection from its existing shareholder is to support the Bank's growth strategy through organic mortgage lending and further acquisitions.
The Bank also announces the retirement of Andrew Newell from the Board with effect from 29 May 2012. The Board now comprises two executive and six non-executive directors.
Stephan Wilcke, Chairman, commented:
"The Board is pleased that it has secured a further planned capital injection from JC Flowers to pursue its growth strategy. This is a perfect example of the significant benefits that the Bank's hybrid structure delivers by providing access to capital whilst staying close to its mutual values. I would like to take this opportunity to thank Andrew for his contribution to the Bank during this transitional period and over the last seven years at Kent Reliance."
ENDS
Enquiries:
OneSavings Bank Plc | Andy Golding, CEO | 01634 888 615 |
|
|
|
|
|
|
Redleaf Polhill | Emma Kane | 020 7566 6700 |
|
| osb@redleafpolhill.com |
About OneSavings Bank Plc
·; OneSavings Bank Plc is registered at Reliance House, Sun Pier, Chatham, Kent (registered number 7312896) and is authorised and regulated by the Financial Services Authority (registered number 530504).
·; OneSavings Bank Plc is a member of the Financial Services Compensation Scheme.
·; OneSavings Bank Plc was formed as Sevco 5067 Limited on 13 July 2010; it changed its name to OneSavings Limited on 3 August 2010 and was converted to OneSavings PLC on 8 October 2010 and became OneSavings Bank Plc on 1 February 2011 and, following confirmation by the members of Kent Reliance Building Society (KBRS) and the Financial Services Authority (FSA), began trading as a bank on this date when the trade and assets of KRBS were transferred into the business.