A Christian bank, which operates from Ruddington Fields Business Park, is soon to be under new ownership.
Kingdom Bank on Mere Way is, bizarrely, now Ruddington’s only bank, following the closure of our village centre HSBC and Barclays branches, however it is telephone and mail based. The business uses financial services to support Christian churches and charities – with its profits utilised to support Christian causes. According to a financial report in The Times newspaper, Kingdom Bank currently has £41 million of loans and £46 million of deposits – and is said to have made a pre-tax profit of £178,000 last year.
The press statement from the bank announces a partnership between two significant Christian institutions. Subject to approval from the financial regulators PRA and FCA, Christian charity Stewardship, together with a group of Christian philanthropists, has agreed to acquire Kingdom Bank from its current owner, Assemblies of God Property Trust (AOGPT). It’s reportedly cost them seven million pounds.
The group acquiring Kingdom Bank says it hopes this change of ownership will facilitate an even greater Church growth and Christian ministry through the services provided by the Bank. It’s promised that Christians, churches and charities will have access to a wider range of financial services and products across the two organisations “…as they continue to build God’s Kingdom”.
Stewardship’s Chair of Trustees, Simon Blake said: “We are delighted at the opportunity to acquire Kingdom Bank with a committed group of evangelical Christian philanthropists who have agreed to invest alongside us. This partnership of investors will give us additional firepower to invest in the Bank and strengthen its capabilities, while retaining and enhancing its distinctive Christian character. We will start by investing in the Bank’s digital capabilities to enable greater accessibility for account opening and management. Look out for these improvements next year.”
Stewardship, founded in 1906, is one of the largest Christian charities in the UK and is dedicated to promoting the generosity of Christians. In addition to working with over 33,500 Christians, who through Stewardship give over £80 million each year, the charity also provides services to churches and charities to enhance their financial management and governance.
Kingdom Bank CEO, Chris Sheldon, says his immediate feeling is one of tremendous excitement: “I am very grateful to Assemblies of God Property Trust for its vision and support of Kingdom Bank over the years, but I do feel that with the backing of the new owner we will be able to do more going forward and become a more effective steward of money and a witness to others.”
Chris is also keen to point out that the two organisations won’t be merging: “We will remain separate both with our own specialisms. The Bank is a regulated financial institution offering savings accounts, regulated and commercial mortgages and providing insurance broking services. Stewardship specialise in giving services and philanthropy.”
Kristian Thorpe, Chair of AOGPT said: “We are excited that an agreement has been reached with Stewardship and the philanthropists and we are absolutely confident they will support the wonderful Christian heritage achieved by Kingdom Bank. We are especially pleased with the commitment to grow and expand the business using the existing staff and management teams.”
As Kingdom Bank will continue to be managed and operated by the existing Bank’s board and management, no major changes or job losses are anticipated in Ruddington.