Kent Reliance and Charter merger

vikkiew · 15 September 2019 at 12:40AM

I could not find any discussion on this topic. Apparently regulatory approval given for the two to merge in recent weeks. What is likely to happen to customers and when? Will they operate separately or will they combine systems but keep separate brands or will it become a single brand?

I have accounts with both and reduction in competition is bad for us customers these two at times having offered market leading rates at times over the last year or so. Kent Reliance's online banking is not very good with slow payments out which must be requested during business hours and no transaction exporting. Charter's is much better so hopefully if they combine they will keep this.

Albermarle · 15 September 2019 at 10:43AM

It is their parent companies that will merge : Charter Court Financial Services and OneSavings Bank .
They both own other financial companies as well as Kent Reliance and Charter Bank .
I presume once the main merger settles down, they will then look at making efficiencies in their new larger portfolio of companies , especially where there is duplication.
So I guess nothing will happen in the short term and the companies will remain operating independently , but eventually there will probably be some changes.

isasmurf · 15 September 2019 at 12:53PM

The intention is to keep both retail savings brands but bring Charter in-house. Transition to One Savings Bank's savings platform is expected to be achieved by year 3.

Kent Reliance and Charter merger

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