Press Release

KENT RELIANCE PROVIDENT SOCIETY ANNOUNCES LYNCHPIN APPOINTMENT

Kent Reliance Provident Society announces the appointment of John Paddick as Chief Operating Officer, a lynchpin appointment in the development of this new mutual organisation.

John has held a number of senior posts in the financial services industry, as well as in the business services and the charitable sectors. He returned to the UK in 2007, following a highly successful term as CEO of United Customer Management Solutions Ltd, an Australasian-focussed business services group, and has since then been assisting a variety of businesses to develop their business strategies, as well as acting as CEO for a local charity. Prior to this, John spent 23 years in National Westminster Bank Plc, and then RBS, including roles as NatWest’s Director of Group Customer Service, and then as Managing Director of RBS’s Own Brand Business division.

Malcolm McCaig, Chairman of Kent Reliance Provident Society commented:

"This appointment is a key milestone in the Kent Reliance Provident Society journey to develop our mutual society, a journey that brings increasing value to our members and creates a business focussed on servicing their interests. Over the coming weeks John will be looking to form new partnerships and alliances, alongside the strategic relationship with our subsidiary OneSavings Bank, building on our heritage as a Kent-based mutual organisation.

"We are delighted that John has agreed to join us as COO of Kent Reliance Provident Society. He brings a breadth of experience from both financial services and other sectors, which we are sure will be of enormous benefit as we evolve and grow our mutual society for the benefit of our members."

John Paddick, COO of Kent Reliance Provident Society added:

"I am absolutely delighted to join Kent Reliance Provident Society at such an exciting time in its development. Our number one priority will be to increase value for our members and to service their interests and, on this note, I am pleased to start my tenure by announcing the extension of opening hours in all our branches to 5pm."

ENDS

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About Kent Reliance Provident Society

Kent Reliance Provident Society is a new mutual organisation formed as a part of the transfer of Kent Reliance Building Society's business to a new bank, OneSavings Bank Plc on 1 February 2011.

It has two roles: first is as parent organisation of OneSavings Bank Plc, established with a substantial capital investment provided through J.C. Flowers & Co, a private equity firm.

Secondly, the provident society will operate its own business activities focused on maximising its members interest, taking over the management of some of the high street outlets of One Savings Bank, and offering a new range of its own services to its members.

OSB is jointly owned by Kent Reliance Provident Society (KRPS) and OSB Holdco Limited (OSB Holdco), a wholly-owned subsidiary of funds advised by J.C. Flowers & Co LLC. It is registered at Reliance House, Sun Pier, Chatham, Kent (company number 7312896) and is authorised and regulated by the Financial Services Authority (registered number 530504).

Kent Reliance Provident Society Limited is registered under the Industrial and Provident Societies Act 1965. Registered No: 31056R. Registered office: Reliance House, Sun Pier, Chatham, Kent, ME4 4ET.

* Kent Reliance Provident Society Ltd issues press releases for the sole use of journalists and media professionals. They are not intended for members or the general public.