Kingdom Bank (KB) was bought in 2020 by a group of Christian investors seeking to spark a significant expansion of the bank’s activities.
The largest new investor (35%) is Christian finance charity Stewardship which has over 110 years of experience supporting churches and promoting generosity. The remaining 65% is owned by a small group of Christian philanthropists, including Jeremy Marshall. He has 35 years of banking experience, including being CEO of the UK’s oldest family-owned private bank, C. Hoare and Co. The remaining philanthropists are all committed Christians wishing to use their expertise to help the bank develop and grow.
KB takes deposits, on which it seeks to pay attractive rates of interest, and makes loans to churches, charities and Christian workers secured on property. Authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA, all deposits up to £85,000 are protected through the Financial Services Compensation Scheme.
Chris Sheldon, CEO of KB said: ‘For 60 years KB has been helping churches to grow through its unique business model, including a level of personal service generally not offered by other financial institutions. All the money invested in KB is used for kingdom work.
‘Through the Bank’s regular newsletter, depositors can hear about … the projects their money supports. Borrowers have access to products designed for growing church as well as mortgages for missionaries and church workers receiving their income from personal support, rarely offered by other financial institutions…’
Stewardship’s Chair of Trustees, Simon Blake, said: ‘The new team of investors sees a huge demand for a Christian bank right now. We want to strengthen Kingdom Bank’s Christian character by releasing it to do more of what it already does so well – lending to churches, church plants, Christian charities and the pastors and workers who support them.’
No dividends will be taken in the short term.
