KRBS Indian operation 'not working as it should'
Kent Reliance Banking Services is reviewing its operations
The former building society that transformed last year into
OneSavings Bank Plc and the mutual Kent Reliance Provident Society
has faced criticism from members about its call centre in
Speaking at the annual meeting in Chatham, chief executive Andy
Golding, pictured left, said: “The whole Indian operation is
under review because it’s not working the way it should.”
Apart from call centre staff, KRBS uses highly qualified Indian
employees for its back office processing, a move widely credited
with lowering its expense ratio. It employs staff in both Bangalore
KRBS, which had been making losses as a building society, has
been strengthened by an £80m cash injection by J C Flowers, the
private equity firm, since becoming a bank.
Malcolm McCaig said the capital injection had put the bank in “a
position of strength that the building society could not have
achieved on its own. The business is on its long road back to
KRBS has resumed mortgage lending and achieved best buy rankings
for some of its savings products. Mr Golding also confirmed that it
had scrapped one-off savings account bonuses and new customer-only
While the banking system was in turmoil, he said, KRBS – no
longer shirt sponsor of Charlton Athletic, but supporting the
club’s community trust – was building on its 150-year heritage.
It had reversed the strategy of closing branches, was opening
new ones and refurbishing existing outlets.
Meanwhile, the annual accounts to December 2011 show that Mike
Lazenby, the former chief executive who left suddenly on February
28, 2011 – soon after the new structure was introduced – was given
a final salary package of £549,000.
Company chiefs in the county say "wholesale review" of business rates would be welcomed but admit they do not know what the alternative is.
Eight companies have pledged to hire over 50 apprentices as part of the Kick Start Kent campaign, being run by the KM Group.
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