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UK News

Christian bank hopes to grow after Christian philanthropists invest

by Cara Bentley

The Christian-run Kingdom Bank has been bought by a Christian charity and philanthropists who hope to see it expand in lending to churches and faithful workers. 

Kingdom Bank has been running for 60 years and was owned by the Assemblies of God church. It has now been acquired by the Christian financial charity Stewardship, who encourage Christian giving in the UK, and several Christian investors. Stewardship own 35 per cent and individual investors own 65 per cent.

Jeremy Marshall is one of the investors - he has 35 years of banking experience, having been CEO of the UK's oldest family-owned private bank, C Hoare and Co. He told Premier he believed in the vision of the bank and wanted to support it: "The goal of the bank is the glorification of the Lord Jesus Christ. 

"There are of course other banks that lend to churches but in terms of the specialisation of banking for Christians, ethical baking and then lending to churches, charities and Christian workers - it's unique."

The bank was sold so it could reach more people, in different denominations and regions of the UK. 

It lends to Christian workers who may need a mortgage, for example a returning missionary and people who Mr Marshall said may be "living by faith," financially.

Most of the other philanthropists have similar finance backgrounds; all are committed Christians wanting to use their expertise to help the bank grow.

Kingdom Bank takes deposits, on which it says 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 and regulated by them and the Financial Conduct Authority, all deposits up to £85,000 are protected through a compensation scheme.  

Chris Sheldon, CEO of Kingdom Bank commented: "Depositors crucially know that all the money invested in Kingdom Bank is used for Kingdom work."

Stewardship's Chair of Trustees, Simon Blake said: "We want to strengthen Kingdom Bank's Christian character by releasing it do more of what it already does so well - lending to churches, church plants, Christian charities and the pastors and workers who support them."

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