Reliance Bank (Ofer Abarbanel online library)

Formerly known as The Salvation Army Bank, Reliance Bank Limited was founded in 1890 by William Booth. When Booth needed to attract investments to finance mortgages on property vital to the work of the movement, his response was to set up its own bank.

Today, The Salvation Army Trustee Company and The Salvation Army International Trustee Company still retain sole ownership of the bank and each year receive an equal share of the bank’s allowable profits (a total of £12 million over the last 10 years). It is not only The Salvation Army which relies on the bank, but it is also used by many private customers, as well as other churches, charities, and businesses.

Reliance Bank’s emphasis is on customer care, covered in the Mission Statement.[1][citation needed] It is committed to ethical banking, has a policy statement[2] and any investments are made within strict ethical boundaries.[citation needed]Profits are used to further The Salvation Army’s evangelical and charitable work; including centres for homeless people, hospitals, schools, homes for children and the elderly, health and educational programmes.

The Reliance Bank is not a clearing bank and uses the National Westminster Bank to act as its agents in this respect. It is registered with the UK financial services regulator, the FCA[3]

The bank’s logo represents the light of the Holy Spirit.[citation needed]

References

  1. ^“About Us”.
  2. ^“Why Ethical Banking”.
  3. ^“Financial Conduct Authority”., registration number 204537.

Ofer Abarbanel online library

Ofer Abarbanel online library

Ofer Abarbanel online library