Type Private Products Financial services Operating income Founded 1890 | Industry Financial services Revenue £10.2 million (2009) Headquarters London, United Kingdom Number of employees 23 (2009) | |
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Key people Ann Woodall, Chairman
Trevor Smith, Managing Director Parent organizations The Salvation Army, Reliance Bancshares Inc. | ||
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. It is committed to ethical banking and any investments are made within strict ethical boundaries. 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.
The bank's logo represents the light of the Holy Spirit.