Kent Reliance Building Society is to transfer its business, assets and liabilities to OneSavings Plc.

This follows its announcement on 3 August of proposals for a new structure for the Kent Reliance business.

OneSavings is the name of the new bank which will consist of the Kent Reliance building society business and a £50 million investment from US private equity group JC Flowers.

The transfer agreement has been made under section 97 of the Building Societies Act 1986 and Part 2 of the Mutual Societies (Transfers) Order 2009.

It is expected that the Transfer will become effective on 1 February 2011 subject to shareholder and member approval, and OneSavings Plc having been granted the necessary FSA permissions.