Expansion offers hope for graduates - graduate jobs

Graduates considering a career in banking or accounting may be pleased to hear that Kent Reliance Building Society is planning to expand.

The firm said it intends to become an "industrial and provident society", thanks to a £50 million deal struck with JC Flowers, a private equity firm.

The new Kent Reliance Provident Society would allow the firm to continue as a mutual at the same time as being able to expand, such as by buying up other banks or building societies.

Kent Reliance said it hopes everything will be agreed by next year.

JC Flowers will own around 40% of the new entity, as long as the changes win approval from 168,000 Kent Reliance members, as well as industry regulators. Details of the proposal will be posted to members in September, who will then be asked to vote at a meeting in October.

Talks on the proposal between the two parties have been taking place for almost a year.